May 30, 2024
SCRYPT, a provider of financial services for crypto-assets, has successfully raised $5 million. The company is delighted to share that it has doubled its client base and witnessed an impressive 18-fold increase in trading volume year on year.
The funding round was led by Braza Bank, with participation from venture capital firms such as Funfair Ventures, Cabrit Capital, and Atlantic Labs.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
SCRYPT | $5M | May 30, 2024 | Venture | $5M | Braza Bank | FinTech |
Founded in 2020, this Swiss firm now offers a comprehensive suite of crypto services, including trading, custody, and staking.
With a strong focus on institutional clients, SCRYPT serves over 200 clients. Notably, the company recently obtained regulatory approval in Switzerland to launch asset management solutions. SCRYPT Digital Investments AG received a portfolio manager license from the Swiss Financial Market Supervisory Authority (FINMA) in July 2023.
Marcelo Sacomori, Founder and CEO of Braza Bank, emphasized the strategic and organic choice of partnering with SCRYPT to launch their cryptocurrency services. SCRYPT’s remarkable expertise in the crypto asset domain, combined with their robust and regulated infrastructure, positions them as a valuable partner for Braza Bank. As Braza Bank introduces these cutting-edge services to millions of customers, the recently raised funds will support SCRYPT in scaling operations and enhancing their product offerings.
About SCRYPT
Scrypt is a password-based key derivation function designed by Colin Percival in March 2009. Scrypt was initially created for the Tarsnap online backup service to enhance security. Its primary goal is to make large-scale custom hardware attacks costly by requiring substantial amounts of memory. Scrypt is commonly used for key derivation. For example, it can create strong cryptographic keys from passwords. It is also employed as a proof-of-work scheme in several cryptocurrencies, including Litecoin and others. Scrypt is a slow-by-design key derivation function that creates strong cryptographic keys, making it suitable for secure password-based applications and cryptocurrency mining.
Website: https://www.scrypt.swiss/
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About Investor
Investor: Braza Bank
Description: Braza Bank is the largest foreign exchange bank in Brazil, specializing in currency-related services. It operates within the market of câmbio (exchange) and does not offer services such as loans, financing, or investments in assets like stocks, fixed income, or cryptocurrencies. Braza Bank plays a significant role in the Brazilian foreign exchange market, offering essential services to individuals and businesses involved in international transactions.
Location: Brazil
Website: https://www.brazabank.com.br/
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