Decentralized exchange, token Radar Relay has completed the A round of financing for $10 million August 1, the startup has announced that this round was led by investment company Capital Blockchain. Funding was also attended by Tusk Ventures, Distributed Global, Reciprocal Ventures, Elefund, Slow Ventures, SV Angel, Kindred Ventures, Collaborative Fund, Breyer Capital, V1.VC, Kokopelli, Global Village, Chapter One and the Digital Currency Group.
CEO Radar Relay Alan Curtis said the money will go to expanding the community of developers and launch new research projects. In December 2017 Radar Relay raised $3 million — also with the participation of Blockchain Capital.
Radar Relay provides a platform for trade the Ethereum tokens, where the calculations are “from the wallet to the purse”, i.e. p2p. Investors can connect their wallets to the platform and directly exchanging the tokens. In this case the startup does not accept tokens for storage.
Curtis noted that the popularity of the marketplace is able to attract investors. However, only a small part of them comes from the USA, making it difficult to support the vast majority of users Radar Relay.
The company now intends to expand its team and to solve some of these problems. Curtis explained:
We support users from 150 countries. While less than a third of our clients are US residents, and this means that our main potential should be aimed at other countries. Part of this funding will go to the program of creation of communities and their representative offices in these countries, so we can serve customers abroad.
According to Curtis, the programme of establishment of representative offices will allow Radar Relay to hire employees who are fluent in different languages. He noted that the beta startup phase allowed to identify visible user activity: during the recent beta testing of the volume of transactions reached $150 million.
Thus, in the coming months, the startup intends to grow its team and geography of customer support. In addition, Curtis reported that the company is exploring the possibility of working with investment tokens, and collectibles.