VirgoCX announced recently that it has raised a Series A round of funding.
The $10 million investment round was led by venture fund Draper Dragon with participation from Blockdream Ventures, Cobo Ventures, Molecular Group, Sora Ventures, and How Link Investment.
The Toronto-based cryptocurrency trading platform says that the capital will help accelerate its global expansion and allow for more innovative offerings.
“With the completion of the A Round Funding, Virgo will evolve faster, further improve products and expand operations globally,” said Adam Cai, CEO of VirgoCX. “We have a unique business model and a highly motivated team.”
Virgo Group laid out a company roadmap for providing more comprehensive products to solve problems that exist in the crypto market. For instance, the NFT market suffers from issues such as low liquidity, substandard user experience, and high barriers to participation. The startup says it aims to launch an NFT Web 3 Liquidity Aggregator to help users instantly complete a sale with competitive prices and a seamless experience.
The Canadian company is also planning to introduce “more innovative services, including staking and DeFi yield farming, in the near future.”
All services will be provided to clients in a “trustworthy manner,” the company says, adding it intends to be “at the forefront of complying with applicable laws and regulations.”
“Governments around the world are increasingly leaning towards comprehensive crypto regulation,” said Andy Tang, Partner at Draper Dragon. “The Virgo Group team has a deep understanding for both compliance and product innovation, so we believe it has great potential in becoming an integrated cryptocurrency service provider with a global impact.”
VirgoCX was founded in 2018 in Toronto. Later this year the company plans to expand to international markets such as Australia and the UK.