Crypto portfolio manager, Coinstats has raised $3.2million in a funding round meant to help it speed up its product development and enhance growth. Alex Pack’s Hack VC led this round, and there were other VCs such as Mike Dudas’ 6th Man Ventures. The funds have come at an opportune time for Coinstats, with its growth trajectory projected to keep trending upwards. In 2021, the company reported an eight-fold growth in its user numbers, hitting 1.2 million monthly active users. Also, its user base currently tracks a combined $500 billion worth of digital assets.
The VCs are certainly putting their money where their mouth is, with Coinstats having reported six-fold revenue growth in 2021. Going forward, it intends to introduce integrated DeFi products to its bulging user base through its Coinstats app. The DeFi feature promises to be a hit with many users, going by the exponential growth in 2021.
Regarding the DeFi integration, Coinstats will provide a bridge for its users to access different DeFi protocols. That will enable them to stake and earn yields. Also, since all these will be accessible via the Coinstats app, it means that the platform will be scaling DeFi access to millions of users. Consequently, it could demystify DeFi and make it a mainstream financial product. With the DeFi sector value estimated to exceed $250 billion in 2022, this could translate into massive gains by Coinstats.
Narek Gevorgyan, Founder & CEO of CoinStats, stated that the funds would help the company scale up product output and speed up delivery timelines. “I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward,” he added. Alex Pack, Founder of Hack VC stated, “CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto.”
CoinStats is a free cryptocurrency portfolio management app and DeFi wallet. It has an active monthly user base of about 1.2 million. The users track about $500 billion worth of digital assets like cryptocurrencies, tokens, NFT and DeFi. Also, it comes with the benefit of enabling real-time tracking of assets held in over 300 crypto exchanges. It plans to be a DeFi aggregator in the coming days.