What happened?
Tangany, a Munich-based digital asset custodian, raised €10 million in a Series A funding round. The funds will be used to expand its regulated crypto custody infrastructure across Europe. This comes as the continent prepares for the rollout of the Markets in Crypto-Assets (MiCA) regulation. The successful fundraising round attracted multiple major European financial institutions including Baader Bank and Elevator Ventures.
Who does this affect?
This development impacts Tangany’s existing and potential clients, which include over 60 institutional clients such as eToro, Bitvavo, Finanzen.net ZERO, and FlatexDEGIRO. These clients use Tangany’s technology to integrate blockchain functionality directly into their products. Furthermore, this also affects the broader European digital asset ecosystem as they brace for MiCA implementation.
Why does this matter?
Tangany’s expansion is significant for the digital finance landscape in Europe. As the new MiCA regulations are implemented, demand for compliant custody services is expected to rise. Tangany is positioning itself to meet this demand, potentially shaping the future of digital asset custody. This could influence market trends and the strategies of other players in the field.