Arca – an up-and-running crypto asset managing entity – has reportedly been successful in obtaining $10 million, via a series A funding round, in a bid to bootstrap the next stage of its business plan.
Specifically, the funding round for its business plan – which can function as the bridge between traditional finance and crypto – was reportedly spearheaded by venture capital firm RRE Ventures, following primary contributions from Alex Tisch, president of Loews Hotels & Co, and a “coalition of financiers led by Littlebanc Advisors.”
Arca reportedly claimed it will direct the secured fund towards improving its infrastructure and digital service offerings, together with keeping up with every legal and regulatory requirements across the sector.
Head of Arca, Rayne Steinberg, reportedly revealed that 2020 was a time marking a turning point for cryptocurrency. Despite the major reason stemming from Bitcoin (BTC), the company has witnessed “this initial awareness translate into interest in the many other aspects of digital assets.”
The topic about the most significant issues slowing down crypto asset adoption rate, Steinberg reportedly singled out the “confusing and fractured narrative” around crypto.
“Sophisticated investors need to understand what they’re investing in before making investments. So, education standardization and consistency [in] messages are things that are of equal importance to the actual products.”
Steinberg reportedly shared that it has caught the eyes of the Series A investors, where a major market for crypto asset management is available for tapping into, and have identified Arca’s potential in filling the void.
“Our investors recognized Arca’s plan to become the premier branded asset manager in digital assets as an idea with enormous potential,