CPE News (6.08.2022) – VirgoCX has raised $10 million in Series A funding led by Chinese venture firm Draper Dragon with participation from Blockdream Ventures, Cobo Ventures, Molecular Group, Sora Ventures, and How Link Investment.
Founded by Adam Cai, Rachel Wang, and Zhi (Steven) Bie, Toronto based VirgoCX operates a trading platform for the spot purchase and sale of Crypto Assets that enables Canadian clients who register as users of the VirgoCX Platform to trade in both fiat currencies and Crypto Assets.
New funding will enable VirgoCX to accelerate its global expansion and allow for more innovative product and service offerings.
photo credit: VirgoCX
Canadian Regulated Crypto Asset Dealer VirgoCX Raises 10M in Series A Funding and Announces Global Expansion
TORONTO, June 06, 2022 (GLOBE NEWSWIRE) — VirgoCX – one of Canada’s leading cryptocurrency trading platforms – raised CA $10 million in Series A funding. This investment was led by the international venture fund Draper Dragon with participation from Blockdream Ventures, Cobo Ventures, Molecular Group, Sora Ventures, and How Link Investment. The capital will help the firm accelerate its global expansion and allow for more innovative product and service offerings.
“Virgo Group of Companies has gathered a very effective global team of nearly 100 people through steady growth in the past few years. With the completion of the A Round Funding, Virgo will evolve faster, further improve products and expand operations globally,” said Adam Cai, CEO of VirgoCX. “We have a unique business model and a highly motivated team, I believe the Virgo Group will have exponential growth in the next 1-2 years.
Founded in 2018, VirgoCX is headquartered in Toronto, Canada. It provides safe, easy, and affordable access for users to buy and sell cryptocurrencies. The company makes it its mission to accelerate crypto adoption and has been working diligently to achieve its goal. Since the beginning, VirgoCX has made numerous platform and product improvements thanks to the company’s user-first approach. These efforts brought ground-breaking growth with the trading volume increasing by 1,700% year-on-year from 2020 to 2021 and racked up more than CAD $1 billion in trading volume.
The success achieved in Canada proved the management’s ability to scale effectively. The funding raised will help the company realize its vision to become a trusted full-service solution for all things cryptocurrency to the world. It plans to grow rapidly by expanding its range of products and services, and into international markets such as Australia and the UK in 2022.
Virgo Group has laid out a company roadmap for providing more comprehensive products and services to solve many problems that currently exist in the crypto market. For instance, despite the transformational impact NFT had on the crypto industry last year, the NFT market still suffers from pressing issues such as low liquidity, substandard user experience, and high barriers to participation. Virgo Group aims to launch the NFT Web 3 Liquidity Aggregator to help users instantly complete the sale with competitive prices and a seamless experience. Apart from the urgently needed NFT instant liquidity service, the ever-evolving company is also planning to introduce more innovative services, including staking and DeFi yield farming in the near future to meet fast-growing customer demands.
These services will be provided to clients in a trustworthy manner as the company has always been at the forefront of complying with applicable laws and regulations. VirgoCX is delighted to announce that it has been approved by the Canadian Securities Administrators (CSA) as a Restricted Dealer in crypto assets in all Canadian provinces and territories.
“Governments around the world are increasingly leaning towards comprehensive crypto regulation. The Virgo Group team has a deep understanding for both compliance and product innovation, so we believe it has great potential in becoming an integrated cryptocurrency service provider with a global impact. We will do everything in our power to help Virgo realize this goal,” said Andy Tang, Partner at DraperDragon.
With the whole industry shifting towards compliance, the Virgo Group believes a strong regulatory structure will ensure the integrity and resilience of the crypto market and provide more investor protection.
Founded in 2018, VirgoCX is committed to making crypto trading safe, easy, and affordable for Canadians. It is Canada’s trusted cryptocurrency trading platform and is dedicated to streamlining the trading experience and empowering clients with advanced technology, superior liquidity, and best-in-class security.
About Virgo Group
Founded in 2021, Virgo Group of companies is dedicated to bringing commission-free crypto trading services globally. It covers multiple business lines, including retail fiat to crypto exchange, crypto wealth management, NFT liquidity management and more. With constant innovation in mind, Virgo Group is prepared to become an integrated global digital asset service provider.
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities’ legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. In disclosing the forward-looking information contained in this press release, VirgoCX has made certain assumptions, including with respect to its offering of further coins or new services on its crypto trading platform and its intention to provide the best global pricing and deepest liquidity to Canadians. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Although VirgoCX believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from VirgoCX’s expectations include, consumer sentiment towards VirgoCX’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations. Except as required by law, VirgoCX disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise. Additionally, VirgoCX undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.