Brazilian Cryptocurrency Custody Company Hashdex Raises $26 Million in Funding with SoftBank and Coinbase

Most of the funding came from venture capital firm Valor Capital Group, in addition to SoftBank Group and Coinbase Ventures, the investment arm of Coinbase, the largest U.S. cryptocurrency exchange, which also participated.

Brazilian Cryptocurrency Custody Company Hashdex Raises  Million in Funding with SoftBank and Coinbase

On May 12, a Brazilian money management company focused on cryptocurrencies said it had raised about $26 million in new funding from investors including SoftBank Group and Coinbase, Bloomberg reported.

The company, called Hashdex, said most of the money came from venture capital firm Valor Capital Group, in addition to SoftBank Group and Coinbase Ventures, the investment arm of Coinbase, the largest U.S. cryptocurrency exchange. Other investors include Brazil’s Igah Ventures, Globo Ventures and Canary.

Hashdex, founded in 2018 by former Microsoft executives Marcelo Sampaio and Bruno Caratori, launched the Hashdex Nasdaq Crypto Index earlier this year, the first fund to offer crypto exchange trading on a local Brazilian exchange. The company is based in Rio de Janeiro and manages about R$4 billion in assets.

In an interview, Hashdex CEO Sampaio said, “Investors are still getting to know cryptocurrencies and we see room to offer more products in Brazil.”

According to CoinMarketCap.com, the total market capitalization of all cryptocurrencies has increased to $2.4 trillion from just under $1 trillion at the beginning of the year.

Sampaio said Hashdex plans to open new offices outside of Brazil, and by the end of the year, the number of employees is expected to increase from 25 to 100.

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