Banking And Digital Assets Firm LevelField Raises $50M
- Financial and digital assets-related service provider LevelField has raised $50 million in order to further interest in the space despite the market being bearish.
- The financial service provider is set to acquire broker-dealer Netshares Financial Services and confirmed the $50 million raise in an SEC filing.
While the current crypto market downturn has affected several firms adversely, financial and digital assets-related service provider LevelField has raised $50 million in order to further interest in the space, and it seems that the firm has also completed a new acquisition.
According to a report from TheBlock, the financial service provider is set to acquire broker-dealer Netshares Financial Services. The firm’s $50 million raise was confirmed in a filing submitted to the Securities and Exchange Commission (SEC).
LevelField was created with the goal of bringing traditional finance and digital assets industry together into one platform. This attempt has also been undertaken by popular platforms like crypto exchange FTX and American financial service company Robinhood.
With the acquisition, the financial service firm has confirmed the launch of LevelField Capital in a statement which will be responsible for client demands, including capital raising, accessing private investments, project finance, and advisory services, as per the report.
“When you think of LevelField, don’t think of it as a crypto company, because that’s the absolute wrong definition. We are a traditional financial services company that specializes in the niche of customers interested in the digital asset class, and I think that’s a huge differentiation in definition and the way that we think,”
said the founder of the firm, Gene Grant II.
Although the firm was founded in 2018, LevelField is launching its digital asset trading and custody platform in September and as per Grant, it is not a crypto company. Grant described his firm as “a traditional financial services company that specializes in the niche of customers interested in the digital asset class.”
“Our goal is to provide a full-service banking experience to our customers,”
Grant said.
Despite Bitcoin and Ether taking a dip recently after the leading cryptocurrencies failed to break into the $25,000 and $2,000 price levels, there are a number of firms that conitnue to expand their services and aim to acquire smaller crypto firms at low valuations.
One such crypto firm is Crypto.com which has acquired payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.. Crypto exchange FTX and another Canadian exchange CoinSmart aim to acquire distressed crypto firms that have been affected by the crypto market downfall or are experiencing a liqudity crunch.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
