CoinStats raises $3.2M to enable DeFi use cases

CoinStats, a popular free crypto portfolio manager, raised $3.2 million from leading investors to enable DeFi use cases for its 1.2 million active users, Invezz learned from a press release. Hack VC led the round with participation from Mike Dudas’ 6th Man Ventures and a few other funds.

The funding is key to grow and promote CoinStats’ new outstanding features, which aim to expand DeFi use cases to millions of users.

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CoinStats’ user base grew eightfold last year

In 2021, CoinStats’ user base grew eightfold, reaching 1.2 million monthly active users, who collectively trade total assets worth $500 billion. Of this amount, synchronized exchange accounts guarantee the existence of $20 billion.

This achievement led to CoinStats’ revenue growing sixfold last year, preparing it for a new product line in 2022. CoinStats will use its strength and user acquisition success to bring integrated DeFi features to its users.

Direct placement of funds on DeFi protocols

The CoinStats app will allow users to place funds on DeFi protocols directly in order to earn yield. This effectively makes CoinStats a DeFi aggregator. Its users will be directed to the protocols listed on the app, curated to be the safest and most profitable DeFi opportunities.

This can help bring DeFi to a wider audience as it remains a niche in terms of number of users, even though it has attracted billions from whale investors.

Narek Gevorgyan, Founder & CEO of CoinStats commented:

With the new funds, we will expedite our product development and growth delivering better financial products to our users. I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward.

Alex Pack, Founder of Hack VC added:

We’re proud to back CoinStats, the largest crypto portfolio manager app in the world. Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto.