Sunday, February 5, 2023

Alpha Impact Raises $3.1 Million In A Funding Round

Singapore-based crypto exchange, Alpha Impact, has recently raised a total of $3.1 million in a funding round. According to the report published by DealStreetAsia, many big ventures and companies participated in that funding round. However, it was led by a few of them, i.e., LuneX Ventures, Genesis Block Ventures, Solidity Ventures, SMO Capital and an undisclosed high-frequency trading company.

A few days ago, Alpha Impact organized a private sale of its token to raise funds to improve its infrastructure. As per the report, the company is planning to launch its token on Uniswap in May 2021.

The co-founder of Alpha Impact, Hayden  Hughes, has said that some of the investors have purchased 15 percent of the company’s tokens which led the Alpha Impact’s value to around $20 million. It is to be noted that the tokens purchased by the investors would be locked in for six months.

Hughes has further stated that this fundraising round helped the company to attract accredited investors and venture capital companies.

Presently, Alpha Impact has only six employees but the company is planning to expand its team to 20, by the end of the year 2021. The fund raised by a Singapore-based crypto trading company would be hiring people, especially developers.

In January 2021, Alpha Impact, which was founded in September 2020, received support from Antler’s startup-generator program. To date, the Singapore-based company has received $100,000 from Antler. The company works as crypto investing advisor for family offices and from that it has generated huge revenue.

Hughes is thankful to the companies that have been part of Alpha Impact’s funding round. He said that companies like Genesis Block Ventures, a company based in Hong Kong and LuneX Ventures, a company based in Singapore, would help the crypto trading company to develop trust among the customers.

LuneX Ventures, one of the investors in Alpha Impact, was earlier part of Golden Gate Ventures. In the year 2018, LuneX Venture was spun out as one of the earliest cryptocurrency and blockchain funds of Southeast Asia. However, Genesis Block, which was founded in October 2020, has invested around 100 startups to date.

Hughes has further notified that by the third quarter of 2021, Alpha Impact will launch its crypto trading platform.

He then explained, “There’s a lot of noise [in the crypto market]. It’s very hard and very confusing for new investors to understand the space and to separate fact from fiction. So the idea for us is to give everyone access to different investing strategies.”

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