Coinmetro acquires blockchain-enabled fundraising platform Ignium for 4 million euros
One of Europe’s fastest growing digital currency exchanges Coinmetro today announces the acquisition of Ignium.io, a platform that facilitates fundraising for small and medium-sized enterprises (SMEs) by leveraging social media and blockchain technology.
The value of the transaction is 4 million euros.
Currently, 60 million small businesses are unbanked due to poor services from traditional financial institutions. Ignium seeks to solve the crowdfunding accessibility crisis. Ignium enables businesses to raise funds from their communities through minting and issuing non-fungible tokens on the blockchain. The registration process is secure, simple and fast, with applications taking an average of 10 minutes. Coinmetro raised USD 2.5 million through Ignium in 2021.
The acquisition will expand Coinmetro’s portfolio of capabilities to include services in the securities market. Coinmetro will further develop the fundraising and community engagement product to create an active stock trading market for its more than 150 shareholders as well as external companies. This offering is the first of its kind in the crypto market and enables participants in the crypto community to become even more engaged with the businesses they are most loyal to.
Coinmetro has purchased 71% of Ignium’s shares as of February 3, 2023 and the company plans to purchase the rest of the business by the end of April 2023. Ignium’s 4,000 registered users as well as asset-issuing corporate customers have been transferred to Coinmetro.
Commenting on the acquisition, Coinmetro CEO Kevin Murcko said: “SMBs are enduring one crisis after another, from Covid, to inflation to a potential recession. They are also the type of business least served by traditional financial services. SMBs have however, one important asset: their highly engaged communities. This is especially marked in the crypto sector. Companies that nurture their communities can then reap the benefits of turning their loyal customers into engaged investors, made possible by products like Ignium’s blockchain technology.”
Reimo Hammerberg, co-founder and CEO of Ignium added: “Ignium has a long-standing relationship with Coinmetro – they are one of our first customers and their community members are active users of the Ignium product. We share an understanding of the importance of community for commercial success , which makes us confident that our customers will be in the best possible hands with Coinmetro.”
