HAYVN, a digital currency trading platform based in Abu Dhabi, UAE, has closed a Series A funding round, which will help the institution become the largest global institutional digital currencies platform.
Abu Dhabi-based digital currency trading platform HAYVN has closed a Series A funding round. This round of funding, the amount of which was not disclosed, was led by Red Acre Ventures and Hilbert Group, Arab News reported.
According to HAYVN co-founder and CEO Christopher Flinos, it will help the institution become the largest global institutional digital currencies platform, instilling confidence in the world of digital assets.
In 2018, the firm raised a $600,000 seed round, which was followed in 2019 by an announcement that it was seeking to raise $5 million.
“We are building HAYVN into the largest institutional digital currency platform globally, with the closing of our Series A funding another milestone on our journey,” Mr. Flinos said.
As reported before, The UAE’s financial regulator has approved a regulatory framework for trading crypto assets in one of Dubai’s free trading zones.
The biggest $30 million funding round in the region to date was closed by the UAE-based crypto-asset exchange BitOasis. It was led by Chicago-based Jump Capital and Dubai-based Wamda. The round was also joined by Alameda Research, Global Founders Capital, and existing investors, including Pantera Capital, Digital Currency Group, and NXMH.
According to Visa’s survey, UAE consumers show a noticeable increase in knowledge of cryptocurrencies, with 84% reporting awareness, and close to half of them see cryptocurrencies as a viable alternative to cash.