Bitcoin continues its precipitous fall which has now led it to be worth almost a third compared to last November’s highs. On the other hand, we now know that the queen of cryptocurrencies does not like half measures. But this does not stop the investments in the sector and the interest on the part of institutional subjects, which focus on the longer term.
Thus Azimut, an independent operator in asset management with over 83 billion euros under management, participated as lead investor in the capital increase of 16 million euros by Young Platform, an Italian fintech exchange platform that simplifies access to the world of cryptocurrencies. .
The new capital will make it possible to support Young Platform’s development plans starting with the expansion of the team, from 41 units to 110 at the end of 2022, and with the geographical expansion into new markets such as France, where the process for the special license to operate in cryptocurrencies, and Spain.
Among the main Italian fintech scaleups, 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 one million users equal to eleven 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, equal to 11 million euros, was made through a consortium formed by the Digital Asset Opportunity Fund VCC launched in collaboration with Sbi and Sygnum, the Azimut Digitech Fund born from the partnership with Gellify and the Luxembourg vehicle Azimut Direct Investment Young Platform SCSp which allowed the group’s “high net worth” customers, served by the network of financial consultants and wealth managers in Italy, to gain exposure to a constantly growing sector.