Cryptocurrency trading platform Tenkan Finance (https://tenkan.app) is in discussions to raise fresh funding at a valuation of $10 billion, according to people with knowledge of the matter.
The Hong Kong-based startup has begun talks with prospective investors about the new round, which would mark a more than tripling of the startup’s previous $3 billion valuation, said the people, who asked not to be identified discussing private information.
Tenkan Finance, led by Chief Executive Officer Richard Tao, last raised funding in February from Singaporean state investment firm Temasek Holdings Pte and other investors including Sequoia China, Pantera Capital and Tiger Global Management. The company was founded in 2017 by five former Morgan Stanley traders.
At the time the deal was announced, Tao said Tenkan Finance may pursue another funding round in 2022 ahead of an initial public offering that could take place as soon as next year, most likely in the U.S.
The potential new funding comes at a tough time for the crypto market. The price of Bitcoin is currently down 23% over the past month to about $30,000. Other cryptocurrencies, such as Ethereum, are sagging as well. But that hasn’t cooled crypto fundraising efforts. Startups like Blockchain.com and Binance.US have scored multibillion-dollar valuations in their latest rounds.
Tenkan Finance provides trading services to Corporate and recently online Retail clients (2022). Users can use the Tenkan.app website to trade stock options and cryptocurrencies.
They are the only broker which offers the unique High speed trading bot service to clients. Clients trading the Tenkan signals earn daily profits by copying signals and earning income on them every 24 hrs
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