Home » Young Platform, Azimut pushes capital increase of 16 million for the platform that simplifies access to crypto

Young Platform, Azimut pushes capital increase of 16 million for the platform that simplifies access to crypto

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Young Platform, Azimut pushes capital increase of 16 million for the platform that simplifies access to crypto

Azimuthone of the main independent operators in asset management in Europe with over 83 billion euros under management, participated as lead investor in Young Platform’s 16 million euro capital increasean Italian fintech platform that simplifies access to the world of cryptocurrencies.

Among the main Italian Fintech scale up Young Platform aims to simplify access to the world of cryptocurrencies through a platform of digital products and an intense educational and dissemination activity of blockchain technology and its applications. Among the top three cryptocurrency trading platforms in Italy with 36% market share, the company at the end of the first quarter 2022 had over 1 million users equal to 11 times the volumes of the previous year and aims to become a smart digital bank with a focus on new digital services.

Azimut’s investment of 11 million euros was made through a consortium formed by the Digital Asset Opportunity Fund VCC launched in collaboration with SBI and SYGNUM, by the Azimut Digitech Fund born from the partnership with GELLIFY and by the Luxembourg vehicle Azimut Direct Investment Young Platform SCSp which allowed the Group’s High Net Worth (HNW) customers to from the network of financial advisors and wealth managers in Italy, to gain exposure to a constantly growing sector.

A pool of investors including Banca Sella and United Ventures also participated in the round led by Azimut, in order to support the growth of Young Platform at an international level.

The cryptocurrency market nearly tripled its capitalization in 2021, from $ 772 billion on January 1st to $ 2.19 trillion on December 31st[1] and it is entering a new phase of development with growing interest from retail and even institutional investors. In particular, young Italians are among the most enthusiastic in Europe, 14% between the ages of 18 and 34 say they have bought or sold cryptocurrencies and globally more than a third of millennials believe that cryptocurrencies will soon replace cash and cards[2].

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The new capitals will help support Young Platform’s development plans to begin from the expansion of the team, from 41 units to 110 at the end of 2022, e by geographical expansion in new markets such as Spain and France.

Giorgio Medda, CEO and Global Head of Asset management & Fintech of the Azimut Group, comments: “Despite the recent volatility, le cryptocurrencies they are establishing themselves as one new asset class expression of the recent digital dimension of the future economy increasingly significant for generations Y and Z. Young Platform has developed crypto exchange features in combination with gaming and educational verticals that are of particular value in view of the growth of a market segment that coincides with a new generation of investors oriented to look to the future with financial perspectives based on tools other than traditional ones. The Young Platform team uniquely combines technological capability and vision. From our perspective as global venture capital investors, with the experience of SBI and the support of Gellify, we believe there is great potential for its development in European markets. This investment is meant to be the basis for the development of joint projects through which integrate within our asset management platform an observation point that looks at blockchain and decentralized finance as new investment frontiers e operational in digital transformation of our industry, transcending market dynamics in the short term “.

Andrea Ferrero, CEO of Young Platform, comments: “We want to help people seize the new opportunities that technology offers to the world by attracting the best talent from technology and finance, or any other industry where the smartest people in the world are located and shape them to be innovative in this. new industry. There are no defined rules in this area, which means we have the opportunity to help write them. This is a huge opportunity that requires extremely creative problem solving and a hunger to change the status quo in everything from marketing to tech to customer support and design..”

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