UAE-based digital currencies platform is Hayvn is raising up to $5 million to fuel its next stage of development, the firm has announced.
The company seeks to offer a regulated service to clients globally.
In 2018, Hayvn held a successful seed capital raise which closed just a month after launch and raised over $600,000 from private investors in the UK, Middle East, Europe and Asia.
The proceeds will be used to boost Hayvn’s regulatory capital reserves, roll-out its global regulatory footprint, strengthen compliance, legal and IT infrastructure, and facilitate recruitment.
Additionally, Hayvn will use the proceeds to launch a global marketing campaign.
“The speed of execution and success of our seed round was a clear vote of confidence in Hayvn's business model and our vision to become the new global standard in institutional digital currency platforms,” said Hayvn CEO and co-founder Ahmed Ismail.
Christopher Flinos, Hayvn’s other co-founder, said that the firm continues “to see considerable interest from institutional investors in this emerging asset class.”
“With market sentiment strong, our platform operational and the management team ready to execute a global roll-out,” he added.
Hayvn has been granted in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority to operate as a crypto asset OTC and custodian.
In an interview with Arabian Business, Flinos said he believes regulations are increasingly inevitable because of high-profile losses in initial coin offerings (ICOs).
“You can’t have an asset class of about $120 billion and just have it continually sitting outside the existing financial system,” he said. “Nothing stimulates regulation more than seeing individuals lose a lot of money. We see a lot of regulations being a backlash against the ICO-side of the business.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.