United Kingdom-based cryptocurrency application Ziglu has raised over $8 Mln within a crowdfunding campaign, the leading equity raise on the Seedrs platform this year.
The support from some 1,250 investors brings Ziglu’s total fundraising to $14.8 Mln.
As for why the offering appeared to command attention on Seedrs: It’s good timing for the cryptocurrency application, which former Starling Bank co-founder Mark Hipperson revealed earlier in June of this year. Apps like PayPal, Square as well as Revolut are embracing Bitcoin [BTC, -1.96%] and its price is near all-time highs.
“I am blown away by just the reception and therefore the support we’ve gotten from the community about our crowdfunding campaign,” added Ziglu Chief Growth Officer Yang Li.
Ziglu had aimed to boost a modest £1 Mln [$1.34 Mln] but hit this target within 3-hours of the campaign opening.
“We weren’t being purposefully coy to line our target at £1 Mln,” Li added. “I was thinking it might be nice if we could get halfway there by the end of the week. And then we blew the gates apart.”
The crowdfund turned to be 5x times oversubscribed. The typical investment amount was $6,445 USD, Li added.
Ziglu permits users to purchase, hold and sell Bitcoin [BTC], Bitcoin Cash [BCH, -6.63%], Ethereum [ETH, -2.30%], Litecoin [LTC, +0.76%] and Ripple [XRP, -7.13%]. Earlier this year, the U.K.’s Financial Conduct Authority [FCA] approved the payments platform as an Electronic Money Institution.
The momentum created by the crowdfunding, plus the febrile atmosphere around a gathering crypto bullish run, has also seen Ziglu’s user numbers spike.
“We were ranked as high as number 5 on the App Store and we are seeing an enormous upsurge in user numbers,” added Li. “We’ve doubled the total number of users within the past few weeks.”