[Funding alert] Singapore crypto investment startup KoinBasket raises $2M in pre-seed round

KoinBasket, a Singapore-based crypto-investment startup, on Thursday said it closed $2 million in a pre-seed funding round. The startup intends to use the capital to expand its team and onboard new talent.

The funding round was led by investors, including Sandeep Nailwal (Co-founder, Polygon), Omar Rahim, (Ex-Director, Binance), Navin Gupta (MD, Ripple), Ajeet Khurana, and Kube VC. Other investors, including Upsparks, Chona Family Office, Nimesh S Kampani, and Global CXOs from CITI Bank, Fiserv, Google, and Accenture, also participated in the round.

In 2022, wealth-tech entrepreneur Khaleelulla Baig started KoinBasket, the crypto investment startup, to offer diverse crypto investment options to users.

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The co-founder and CEO said, “The crypto world is evolving rapidly and is in a near hyper-adoption phase, with the crypto user base growing significantly with the potential to reach two billion users by 2030."

He added, "We believe there is a strong need to fill the global vacuum of crypto mutual funds with thematic crypto baskets that are easy to understand and simple to invest for retail investors. It’s a great validation for Koinbasket to see globally renowned crypto veterans joining us in our vision to drive mass adoption of cryptos around the world.”

Singapore-based KoinBasket intends to not only assist investors in selecting the right crypto assets but also to aims to empower 15 million users in its partner ecosystem to diversify their crypto holdings.

Sandeep Nailwal, Co-founder of Polygon, said, “We are excited to back KoinBasket as they share our belief in Web3 for all. We are extremely bullish about Khaleelulla and are confident the company will spearhead the next wave of disruption in the BFSI space. Looking at the sheer growth and potential in the crypto market, we believe KoinBasket has all the potential to be the go-to product for the next billion crypto investors.”