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Crypto Payment Company Utorg Raises $5 Million In Seed Round Led By Dragonfly

Utorg, a cryptocurrency payment company, announced a $5 million early fundraising round headed by Dragonfly, TA Ventures, and Hypra.

The company goal is to provide fiat-to-crypto solutions, allowing customers to purchase crypto with fiat using a variety of payment options. Utorg is working on a fiat-to-crypto app, which is slated to be released by the end of 2022. The software will also have self-custody, digital wallets, and fiat bridges, as well as the ability to interface with third-party apps.

According to co-founder and CEO Eugene Petrakov, the company intends to keep on top of fast-changing Web3 trends. He stated:

“The crypto industry development dictates its own terms and speed, so for us it’s crucial to keep the market tempo and meet the needs of the industry.”

The funds raised will be used to acquire more intellectual property licenses, expand its workforce, and investigate new revenue-generating methods.

Utorg’s super crypto app will launch before the end of 2022. Its app will bring additional capabilities for digital asset power users to its existing fiat-to-crypto exchange, which supports a wide range of cryptocurrencies and accepts fiat from over 187 countries.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.