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NEW YORK, Dec. 1 (Reuters) – Global trading platform Structure, which aims to facilitate crypto-based lending and investment for mobile phone users, said on Wednesday it had raised $ 20 million in capital from investors and a private sale of its digital currency. $ STXR.
Structure will offer decentralized finance, or “DeFi” – loans denominated in cryptocurrency outside of traditional banking – as well as investments in tokenized assets, digital versions of assets such as stocks and real estate.
The funding was led by crypto fund Polychain Capital. Other investors include Bixin Ventures, a crypto venture capital fund, and Ascensive Assets, a digital asset investment firm.
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The latest funding valued Structure, launched this year, at $ 150 million.
Structure’s business represents a growing trend among investment platforms to extend access to crypto and DeFi investments to retail investors.
“We built Structure because we didn’t think people were afraid of missing out on crypto and Defi. They’re actually missing,” Bryan Hernandez, president and co-founder of Structure, told Reuters.
“We felt there was an urgent need to create a product that gives ordinary people, not financial experts and technologists, access to what’s going on in DeFi, and without leaving the traditional financial world.”
Prior to Structure, Hernadez ran Sonar Trading, a proprietary trading company that uses algorithms in the crypto markets.
The structure, which is incorporated in the British Virgin Islands, will allow clients to invest in stocks, options, cryptocurrencies and tokenized exchange-traded funds.
DeFi trading opportunities were historically only available to seasoned investors, leaving a huge untapped market for novice investors, Structure said.
“We firmly believe that DeFi’s promise is not just for a few,” said Olaf Carlson-Wee, Founder and CEO of Polychain, one of Structure’s investors.
Hernandez said the Structure app could be made available to the public at the end of the first quarter.
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Reporting by Gertrude Chavez-Dreyfuss; edited by Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
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