Titan raises $58M for crypto project launch

Investment platform Titan has raised $58 million (~£42.37 million) in a Series B round led by Andreessen Horowitz (a16z). The company is now valued at $450 million (~£328.70 million).

Funding and product

Among the participants of this funding round are General Catalyst, Ashton Kutcher’s Sound Ventures and a group of professional athletes and celebrities including Odell Beckham Jr., Kevin Durant, Jared Leto and Will Smith. Anish Acharya, an a16z general partner, will be joining Titan’s board.

Titan’s product is a mobile-first platform that allows retail investors to have their capital actively managed in long-term strategies.

There are 3 programmes that Titan offers:

  • Flagship (large US-based companies)
  • Opportunities (small and mid-size US-based companies)
  • Offshore (international companies)

In early August, Titan plans to launch its cryptocurrency offering, which the company claims will be the first and only actively managed portfolio of cryptocurrency assets available to US investors.

Ambitious targets

The first users of the project will be exempt from commission and advisory fees. Titan has already opened the waitlist.

Titan Crypto will be available to all US residents except those with home addresses in New York. NY-based residents will have to wait until Titan’s custodial partner receives regulatory approval for the jurisdiction of the state of New York.

The company plans to use its new capital toward continuing to build out its underlying platform, launching the cryptocurrency service as well as hiring more staff.

According to VentureBeat, Titan grew by 500% in the last 12 months and is expecting to cross its first $1 billion in assets under management later this year.

Venture funding picks up the pace

VC firms have been on fire lately: new data suggests that during the first half of 2021, the volume of venture funding in the blockchain and digital assets industry reached $8.8 billion. Some 20% of the fintech companies that have received investments during that time were cryptocurrency-oriented.

Venture capital investments in crypto companies were $2.6 billion (~£1.9 billion) and $6.2 billion (~£4.5 billion) in the first and second quarters respectively. That was a whopping 90% increase; almost 4% of the $163 billion (~£119.5 billion) of global investments went to the crypto industry.

Crossover investors’ interest quite possibly comes from the growing popularity of deals with special-purpose acquisition companies (SPACs). Every fifth financial technology company that went public through a reverse merger in 2021 also works with cryptocurrencies and offers digital asset services.

Despite the market drawdown, we see venture capital pouring into the cryptocurrency space like never before. Titan, an investment platform, has secured $58 million (~£42.37 million) in a Series B funding round, which brought the company’s market value to $450 million (~£328.70 million).

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A consultant since 2013 for a important advisory cabinet, I wanted to specialise in emerging tech… crypto found me!

DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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