Lunar, a Nordic financial services firm has raised $77 million in funding and launched a crypto trading platform and B2B payments for its vast customers. According to the report TechCrunch, the sum of $77 million (€70 million) has been raised by the company putting it at a valuation of $2 billion.
Lunar is a virtual bank, one of the few digital banking companies in the Nordic region that was issued a banking license, and has ever since achieved an impeccable customer base, overtaking some traditional banks.
As captured in the report, this recent dash into the crypto industry is an extension of one of the bank’s capital raise ventures. The banking firm had previously raised a sum of €210 million last year, partnering with Heartland, Tencent, IDC Ventures, and Kinnevick to achieve the funding.
A couple of investors and Venture Capital firms enabled the leading Nordic bank to achieve the $77 million funding for the crypto trading platform. While the firm is silent on its funders, as it is its custom, Will Ferrell, a notable comedian of the Nordic is listed among the investors, who is also a marketing ambassador for the company.
Most banks in the region where Lunar is based do not exchange crypto assets for fiat currency as there are currently no government regulations to monitor the trades, considering the anonymity of the crypto sphere and the insecurities involved.
This has been a point of concern for cryptocurrency traders. However, Lunar has taken advantage of the situation to develop a system that allows for the conversion of crypto assets into physical cash, profiting off the exchange platform to compensate for any risk encountered with doing the transactions.
The users of Lunar’s crypto trading platform will be allowed to trade and get cash in Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Cardano (ADA), and Dogecoin (DOGE).
Being the first to neobank to launch a blockchain trading platform in Northern Europe, the future is promising for the virtual bank, as it will have a good market advantage in serving a population of over 27 million people.