Coinbase Ventures, Gemini join $6 million seed round for crypto platform Onramp Invest
August 4, 2021, 9:30AM EDT
1 min read
Onramp Invest, a crypto investing platform for clients of financial advisors, has raised $6 million in a seed funding round.
The round was backed by notable investors, including Coinbase Ventures, Gemini Frontier Fund, Galaxy Digital, Galaxy Fund Management, Ritholtz Wealth Management, WisdomTree, Fox Ventures, and Eterna Capital.
With fresh capital at hand, California-based Onramp Invest plans to expand its team and its services to registered investment advisors (RIAs) and explore broker-dealer registration.
Onramp Invest was launched in May 2020 and provides services via Gemini and Prime Trust. Onramp also offers educational resources for financial advisers and their clients through Onramp Academy.
Fox Ventures' investment in Onramp is "six times larger" than its standard check size, said Fox Ventures' managing partner Chad Fox. "This is a testament to what this team is capable of," he said.
“Black founders historically get left out of these types of funding opportunities," said Onramp CEO Tyrone Ross, Jr. "I want to thank all of our seed fundraising participants for blessing our company with this great opportunity to demystify cryptoassets and for me to inspire little Black boys and show them that they can be a startup CEO too."