Today German crypto-asset custodian Finoa announced it raised a $22 million Series A from Balderton Capital. Other participants include existing investors Coparion, Venture Stars and Signature Ventures.
The startup is a custodian regulated by Germany’s BaFin and targets institutional investors. Its solution also enables staking services.
“As they continue to witness exceptional growth, we look forward to teaming up with Finoa on their journey towards becoming a category-defining digital asset bank,” said Colin Hanna, Principal at Balderton Capital.
Finoa was the exclusive institutional-grade custodian to support the launch of the FLOW token from Dapper Labs, the creator of NBA Top Shot. Apart from FLOW, it was also the only custodian to support the mainmet launches of NEAR and Mina. Finoa currently services 250 clients and said its revenues grew more than fifty-fold in the past twelve months.
Last year Finoa partnered with T-Systems Multimedia Solutions (T-Systems MMS), the Deutsche Telekom subsidiary that operates a node on both Flow and the Celo proof of stake networks.
“With Finoa’s support as a regulated crypto-asset custodian and Bankhaus Scheich as a broker, our team managed to securely store and trade digital assets in a compliant way, allowing us to bridge the fiat and the digital asset universe,” said Andreas Dittrich, Head of Blockchain Solutions Center at T-Systems MMS.