Radar Relay has announced the completion of a $10 million Series round of funding. This decentralized trading platform facilitates the easy trading of Ethereum cryptocurrency, by allowing the digital coin’s holders, buyers and sellers to trade without the need for exchanges or middlemen.
Blockchain Capital In Charge Of Organizing Funding
Blockchain Capital, which was also in charge of Radar Relay’s $3 million seed round back in November, was also heading this round of funding. The main contributors included Tusk Ventures, Distributed Global, Reciprocal Ventures and Collaborative Fund amongst others.
With Blockchain Capital having invested in more than 70 blockchain based companies, Alan Curtis, Radar Relay Chief Executive, has said he values their expertise and experience very much.
He said that they (Blockchain Capital) have been involved in processes like the one they are currently going through and thus have developed an acute sense of recognizing patterns as well as have disciplined investors. He added that this broad experience and expertise will help Radar Relay have better visuals of their situation and avoid pitfalls that they may not have been aware of.
Radar Relay’s Global Reach Expansion Plans
Spencer Bogart, who is a partner at Blockchain Capital has registered his excitement for Radar Relay’s future. He said in his statement that even though Radar’s delivery has so far been exceptional, what makes it special is the product roadmap that will be coming in the near future and the opportunities that this will bring. He said that theirs was a proven team that was focused on executing against an opportunity that was high-conviction and that he was proud to be leading the Series A funding and joining the board.
Radar Relay’s product roadmap involves the expansion of its offerings to collectibles as well as security tokens. The company also is looking forward to expanding its global reach and nurturing its existing markets. In order for the company to achieve this, it plans on doubling its staff. Its current market base includes 150 countries. It will be using the new funding in supporting strategic marketing and international community ambassadors who are on the ground.
Curtis said that the funding will be instrumental in enabling them to recruit and maintain a bigger staff, a prospect that was previously not possible due to limited funds. He added that the Series A funding has established the company as one that high-value and high-growth which will last.
A First For Any Company In Colorado
Radar Relay has, since its launch in August last year, facilitated more than $150 million in transactions. The Denver based company has also been the first ever company to receive a state grant in Colorado’s history. The company received $250,000 from the Office of Economic Development and International Trade. Curtis has said that the support that the company has received from the state and its various investors is an indication that they are here to stay.
He added that they are excited to be partnering with Blockchain Capital that has similar convictions and timelines as the company.