Coinbase Ventures, Gemini join $6 million seed round for crypto platform Onramp Invest

Venture Capital • August 4, 2021, 9:30AM EDT
The Block

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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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."

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.