Munich-based Tangany pockets 7 million euros for its Wallet as a Service platform
Tangany, a Munich-based white label platform for the custody of crypto assets, has announced that it has secured €7 million in the funding round led by Nauta Capital. Existing investor HTGF and new investor C3 VC Fund also participated in the round.
The company says the funding will allow it to add new services such as staking and yield farming, grow its workforce to more than 50 employees by 2022, and streamline operations through a unified API.
Does the Dutch workforce master all digital skills? Discover
Martin Kreitmair, CEO of Tangany, says: “With this successful funding round, we are entering the next chapter of our development. We were 4x oversubscribed which shows that Tangany is heading in the right direction. Until now, Tangany has developed thanks to its own profitability. Our partnership with Nauta Capital, C3 VC Fund and our existing investors will allow us to accelerate our growth by expanding our team while maintaining our exceptionally high standards of quality and reliability. We will continue to innovate and we couldn’t be more excited for the future.
Tangany: What you need to know
Founded by Alexey Utin, Christopher Zapf, Hans Nickel, and Martin Kreitmair in 2019, Tangany provides custody wallet as a service (WaaS) for enterprises to easily integrate blockchain technology into old and new systems via an API.
The company’s mission is to advance crypto adoption and enable organizations to expand their catalog of financial products while easing the transition for their customers.
The German company’s WaaS provides highly secure storage for digital assets such as Bitcoin, Ethereum, stablecoins, security tokens, and NFTs. Their proprietary solution supports both hot and cold wallets to provide customers with the easiest way to adopt blockchain.
“The institution is regulated in accordance with Section 1 (1a) sentence 2 no. 6 KWG as a qualified crypto custodian,” the company wrote in a press release.
The fintech company has seen massive growth over the past year, onboarding over 25 new customers, including the Tezos Foundation, Quirin Privatbank and Exporo.
This growth now reflects more than 400 million euros of digital assets under custody, multiplying by 5 their turnover by the end of 2021.
Nauta Capital is a pan-European venture capital firm investing in early-stage technology companies. As an independent industry investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise technology transforming large industries as well as those leveraging high-end applications. technology to solve the challenges facing large enterprises.
Markus Düttmann, Director at Nauta Capital, says: “While the crypto industry has received a lot of attention recently, it has yet to cross the chasm from early adopters to the mass market. This is largely due to the underlying technical complexities that Tangany and other custodians will be instrumental in abstracting, thus providing access to the next wave of crypto users. We are particularly excited about Tangany’s integrated approach, which allows anyone to seamlessly integrate cryptocurrencies into their offering.”
Stefan Schuetze, Managing Partner of C3 VC Fund, says: “As a new investor in Tangany, we look forward to actively supporting the next level of Tangany’s success story. Tangany is very well placed for the next stage of evolution. Legacy banks have yet to develop adequate crypto custody solutions in-house and therefore rely on Tangany as their primary custody provider. By getting the license early, Tangany has a big head start on the competition in Europe and beyond.
Tobias Schulz, Director at HTGF, adds: “As first round lead investor, we are proud of what the team has achieved so far and welcome new investors. We believe Tangany’s technology will play a crucial role in the coming new money era.
Watch our interview with Paul Down, Head of Sales at Intigriti.