Binder Groesswang has advised Austrian cryptocurrency service provider SmartBytes GmbH, which offers digital cryptocurrency management under the name Coinpanion, on a pre-seed financing round.
According to a Binder Groesswang press release, "the investor was sweet.fund GmbH & Co KG, the shareholders of which are some of the founders of mySugr, a company that was sold to the Swiss pharma group Roche in 2017 in one of the largest Austrian exits of recent years."
"By means of the Coinpanion platform," Binder Groesswang reported, "customers without prior knowledge can set up a diversified portfolio of cryptocurrencies, which is automatically managed with the help of a Coinpanion algorithm."
The signing took place on July 24, 2020, and, the firm reports, the capital increase took effect upon being entered in the commercial register on August 13, 2020.
“We plan to use a good part of the investment to increase our staff and thus support our growth course," said Alexander Valtingojer, co-founder and CEO of Coinpanion. "Our vision is to make the highly complex crypto market accessible to a broad public and thereby open up a new range of opportunities for investors who until now had not considered including cryptocurrencies in their portfolios."
“The major strength of Coinpanion is its extremely strong team of founders," explained Frank Westermann, the founding CEO of mySugr. "In times of increasingly inflated asset prices, I see great potential in the cryptocurrency field. Many crypto investors lack the know-how to diversify their crypto investments beyond Bitcoin. Coinpanion creates this diversification with an intuitive user interface and in compliance with the regulatory requirements of the EU and Austria."
Binder Groesswang's team consisted of Partner Christian Zwick, Senior Associate Mona Holzgruber, and Associate Hermann Beurle.
