Monat: November 2023

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Superstate secures $14M Series A round co-led by CoinFund

  • Superstate announced it raised $14 million in its Series A funding round.
  • The round was co-led by CoinFund and Distributed Global, and attracted participation from several venture capital firms.
  • Superstate will use the money to expand the team, finance private funds.

Superstate, an asset management firm looking to modernise infrastructure for investment funds via blockchain technology, has announced it raised $14 million in its Series A funding round.

The funding round was co-led by CoinFund and Distributed Global, with participation from Galaxy Ventures, Arrington Capital, Breyer Capital, Road Capital, CMT Digital, Folius Ventures, Modular Capital, Nascent, Hack VC and Department of XYZ.

The firm plans to utilise the capital injection to hire new talent as they look to expand the team. According to a news release on Wednesday, the financing will also go towards private funds targeted for institutional investors.

A post highlighting the funding round on X noted that resources will also be expended on “a framework for compliant, tokenized, publicly registered investment funds.”

In June this year, Superstate filed for regulatory approval from the US Securities and Exchange Commission (SEC) to create a short-term government bond fund on the Ethereum blockchain. 

Superstate was co-founded by Robert Leshner, the founder of decentralised finance (DeFi) platform Compound.

The post Superstate secures $14M Series A round co-led by CoinFund appeared first on CoinJournal.

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Germany’s Commerzbank granted crypto custody licence

  • Commerzbank has become the first full-service bank in Germany to receive regulatory approval for a crypto custody licence.

Commerzbank, among the top four largest banks in Germany, has taken a huge step towards providing its clients access to secure digital assets custody. This is after it became the first full-service bank in the country to receive a crypto custody licence from the Federal Financial Supervisory Authority (BaFin).

The regulatory approval was granted pursuant to the German Banking Act (KWG), Frankfurt-based Commerzbank said in an announcement on Wednesday.

Commerzbank eyes crypto custody

According to the details shared in the press release, the licence allows the bank to develop its digital asset services solutions, including one that specifically targets crypto assets.

“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” Dr Jörg Oliveri del Castillo-Schulz, the COO of Commerzbank, noted.

Providing custody for crypto assets will allow the bank to serve a wide range of customers, including from the burgeoning blockchain technology industry. 

As CoinJournal reported, Germany’s top bank Deutsche Bank announced a patnership with Swiss-based crypto firm Taurus in September. The collaboration allowed the bank to offer custody solutions for digital assets and tokenized financial instruments.

The post Germany’s Commerzbank granted crypto custody licence appeared first on CoinJournal.