Coinbase and Gemini back Onramp Invest in $6m round
Investment platform Onramp Invest has raised $6 million in a seed round of funding with the venture arm of exchange Coinbase and Gemini Frontier Fund.
Galaxy Digital, Galaxy Fund Management, Eterna Capital, Fox Ventures, Ritholtz Wealth Management and WisdomTree also participated in the round.
Onramp Invest operates as an "integration platform-as-a-service" (iPaaS), providing registered investment advisers (RIAs) in the US with access to the cryptocurrency market.
The service includes the ability for advisers to trade on behalf of their clients, providing educational resources and analytics.
The company will use the funding to increase the number of services for RIAs, explore the possibility of registering broker-dealers and expand its engineering team.
Fox Ventures managing partner Chad Foquet said the firm had invested "six times its standard investment amount" in Onramp, based on its confidence in the project's success.
Recall that consulting firm PricewaterhouseCoopers (PwC) earlier noted the consolidation of venture capital investments in cryptocurrency companies.