KoinBasket raises US$2 mln from global marquee investors

KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement.

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Fast facts

• The Singapore-based company will use the funds for product and geographical growth, technology investments, and to expand its team.

• The “pre-seed” fundraiser drew participation of Polygon cofounder Sandeep Nailwal, former Binance director Omar Rahim, Ripple managing director Navin Gupta, and executives from Citi, Google and Accenture, among others.

• Founded in 2022 by Khaleelulla Baig, a wealth-tech entrepreneur, the startup aims to “become the Vanguard [Group] and BlackRock for the next billion crypto investors across the world.”

• KoinBasket’s fundraiser comes at a time when the Monetary Authority of Singapore (MAS) is seeking to develop the financial hub into a “responsible crypto hub” with stringent licensing procedures and protections for retail investors.

• Baig said: “We believe there is a strong need to fill the global vacuum of crypto mutual funds with thematic crypto baskets that are easy to understand and simple to invest for retail investors.”

See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight