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London-based cryptocurrency startup OpenTrade raises €6.1 million to expand stablecoin yield access
- London-based startup OpenTrade, which powers RWA-backed stablecoin yield products, raised €6.1 million in funding to expand access to dollar- and euro-denominated yields.
- The funding was led by Notion Capital and Mercury Fund, along with existing investors AlbionVC, a16z crypto, and CMCC Global.
- OpenTrade's platform offers real-world asset-backed USDC & EURC yield products for FinTechs, enabling easy access to yields with robust security measures.
- The capital infusion will drive product development, engineering capabilities, and operational capacity enhancements for OpenTrade.
- OpenTrade's B2B2C model allows FinTechs and neobanks to integrate RWA-backed yields to provide high-quality savings options for users.
- The startup aims to offer meaningful yields on USD and EUR holdings, especially in countries with high inflation and limited stable currency access.
- Users in countries like Argentina, Colombia, Mexico, Peru, and Spain can earn up to 3-9% APR on their USD and EUR holdings through OpenTrade partnerships.
- OpenTrade has seen significant growth, managing €41.1 million for clients and processing €174 million in transaction volume with a 20% average month-over-month growth.
- Investors like Notion Capital see the potential in OpenTrade to revolutionize global access to yield-bearing accounts and build essential financial infrastructure.
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