Nordic neobank Lunar unveiled lately a cryptocurrency trading platform after raising a fund of $77 million and simultaneously increasing its valuation at $2 billion. Users can trade a couple of major cryptocurrencies now and it is believed more coins will be added in the future. The currencies offered are bitcoin, ether, ADA, DOT and DOGE.
The primary focus of the Denmark-based fintech company is to make trading of crypto assets hassle-free for its users while offering both crypto and banking under a single umbrella. Users need to open a separate account to trade cryptos. The digital assets cannot be traded through a bank account.
Lunar currently offers loans, checking accounts and borrowing services as well. It simultaneously offers business accounts for enterprises and investments in stocks. The latest funding was from Series D and the company has managed to raise about $232 since July 2021. With this, it has achieved unicorn status.
Actor Will Ferrell is an investor in the company and the company emerged with a promotional video that featured Elf and Anchorman star.
Headquartered in Aarhus in Denmark, the company was founded in 2015 and has its services in Sweden and Norway too apart from the home market. It was granted a European banking license four years later in 2019 and presently is equipped with more than 50,000 customers.
It will gain from the cryptocurrency environment already present significantly in Scandinavia. A couple of major crypto coins are being used legally in Denmark in making payments even though the government of the central bank called the segment very speculative and not favorable due to no guarantee of valuation and no stability.
Norway considers crypto assets as other types of wealth or income with respect to taxes. Some politicians have revealed their support for the use of the segment. Similarly, Sweden is working on launching its own digital currency and the development may come into existence by 2026.
Cryptocurrency is a new concept in the financial world. It is decentralized and not under the direct control of any government, bank or authority. Transactions are faster and cheaper across the world. Details of the transactions are stored in a public digital ledger. The funds are transferred anonymously.
Bitcoin is the first cryptocurrency and was launched in 2009. It is currently the market leader with respect to market capitalization. Its value reached an all-time high in recent months due to heavy demand for its trading amid the COVID-19 pandemic and lockdown period.