Are we heading for a crypto spring?
If it is impossible to predict it, the recent number of fund raising can in any case push to a certain form of optimism. After the grouping of Bitstack, Swaap Finance and Deblock last week, Rise - another French (and also American) start-up - has just completed a great deal.
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The start-up, which has not even blown out its first candle, has raised $3.8 million in a seed round. Several web3 investment funds have invested in the company: Sino Global Capital, Polymorphic Capital as well as Paradigm Shift and the Draper Association.
Founded by Frenchman Hugo Finkelstein and American Andrew Maurer, Rise offers a solution for managing payments and invoices in crypto and fiat currencies (euro, dollar, etc.). "We already work with several dozen companies," Hugo Finklestein explains. "They want to be able to pay their employees or providers in crypto without having to manage all the operations themselves with transfers and compliance," he adds.
The vast majority of Rise's customers are mostly crypto companies. The startup counts Lido Finance, ZenLabs, Flux, or T3rn among its clients.
Rise's platform was developed on Arbitrum, a secondary layer of Ethereum that allows for a huge number of transactions at low costs. "All of our infrastructure is on Arbitrum, although we have the ability to receive and send funds on other chains," Hugo Finkelstein continues. These include Ethereum, Optimism, Polygon and Avalanche.
The goal of the startup, which is able to operate in 90 currencies (euro, dollar...) and more than 100 different crypto currencies is obviously to expand its customer base outside the crypto world. Its fundraising should allow it to move in that direction.
