Bitcoin company BTC Direct raises 11 million euros in fresh money

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The Dutch Bitcoin company BTC Direct raised €11 million in a first round of financing. The money comes from a group of private investors, whose names have not been disclosed.

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Fresh money
The deal means that the founders have swapped part of their shares in order to continue to grow. But it is unclear what percentage of shares the depositors received in exchange.

The European market is very competitive, with dozens of brokers and exchanges operating in the Netherlands alone. Only by growing fast is it possible to survive in the current field. Within the Netherlands BTC Direct can be classified as one of the largest brokers. Although the trading volume of a broker is always lower than that of an exchange.

It is in any case the intention to grow rapidly in Europe in the coming years. So not only selling cryptocurrency’s, but also offering services related to storage and insurance.

Currently 50 people work at the company from Nijmegen, which was founded in 2013. In the next 18 months the workforce has to double, explains ceo Mike Hutting in the press release.

Consolidation
Earlier this year, the company swallowed the Cryptomaan webshop for an unknown amount. Another brand under the umbrella is BLOX, a mobile app to trade.

BTC Direct is also one of the 48 applicants for registration with the Nederlandsche Bank. Recently custody provider AMDAX from Amsterdam received the first registration.

Earlier this month the funds Icoinic and Cyber Capital merged. A signal that the Dutch market will consolidate in 2020, a trend that is likely to continue in the coming years.

Foreign parties will also penetrate the Dutch market more actively. The American company Kraken launched a mobile app for Dutch users.

In all likelihood, other major foreign parties have also applied for registration. The DNB does not want to publish the application list after repeated questions from Bitcoinmagazine.nl.

The price in euro on this Sunday morning.

Translated with www.DeepL.com/Translator (free version)