Crypto trading firm, Hayvn in talks for Series B funding before IPO
Hayvn, a crypto trading firm, raised $5 million in series A funding in 2021, is expected to close on a $30 million round of Series B funding in about three months.
Hayvn, which has raised $5 million in Series A funding to date, hopes to raise an additional $30 million during the Series B round of financing, which they are expected to close within the next three months. In a recent interview with Reuters, CEO Christopher Flinos claims that crypto has moved into the mainstream. This change has been aided by the adoption of cryptocurrencies by large banks and other businesses. Early industry backers hope that this will reduce digital coin price volatility. Series A funding usually secures cash for early development plans, followed by a Series B round to fund further expansion.
Abu Dhabi-based crypto trading firm Hayvn talks with potential investors about doing a B-round of funding that would value the company at $400 million. They are planning an IPO shortly. The company’s Chief Executive Officer says: “We’re in talks with firms, and we’ve started conversations around how we can help them access this new asset.
Some big banks and corporations are starting to use Cryptos in their industries, which is a sign of mainstream adoption. Crypto prices may eventually become more stable with significant companies getting involved due to funding they usually offer for new projects. Hayvn, which offers trading, custody, asset management, and payments services, has about $75 million in assets under management and expects that to grow to $500 million by mid-year, Flinos said.
Hayvn is expected to pursue a $150 million IPO shortly, which will provide enough money for acquisitions, such as private banks. The investment will get Hayvn closer to their valuation of $1.5 billion, which they expect to hit in 12-16 months. There are a lot of possible exchanges that we’re looking into for this venture, including New York, London, Toronto, European exchanges, and Abu Dhabi.
“I would love to do one in Abu Dhabi,” Flinos said. “But you have a responsibility to your shareholders to do it in the place where you get the best liquidity and the best valuation.” Flinos said that Hayvn had held talks with five sovereign wealth funds in the Gulf & others in northern Europe& Asia to manage their investments in cryptocurrency. They have also spoken to some about investing in the firm through round B.
“We talk with a lot of these entities,” he said, adding that he expected most Gulf sovereign wealth funds to have made significant investments in crypto within four months.
“We expect to take our fair share of it because we are regulated in their region,” he said.
As global capital hits the cryptocurrency market, some are betting on Asian sovereign funds to be more successful than European ones. Hayvn has been operating for over a year, taking the opportunity to get the regulatory approval of Abu Dhabi Global Markets in December. Their company is also licensed to work in the Cayman Islands and Switzerland.
Abu Dhabi’s Mubadala has invested in cryptocurrency technology because the value of digital currencies has risen in recent years.