Nonco Raises over $10 Million in Seed Funding

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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December 8, 2023 17:18 EST

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Digital asset brokerage firm, Nonco, has raised over $10 million in seed funding, according to a new statement from the company.

“The leading brokerage firm for digital assets”

“Our aim is to become the leading brokerage firm for digital assets, and we intend to achieve this by establishing a new standard that prioritizes technology and service while ensuring institutional risk management and compliance,” stated Nonco CEO Fernando Martinez.

The round was spearheaded by former US Comptroller of the Currency and current advisor at Valor Capital Group, Brian Brooks and Web3 venture capital investment firm, Hack VC.

“We’re excited to announce our investment in @nonco_otc in their seed financing round,” read a post X from Hack VC. “Nonco’s goal is to become the leading brokerage firm for digital assets, and we’re thrilled to be a partner with them in their journey.”

Libra Capital Ventures, Morgan Creek Digital, Bastion Trading, Lvna Capital, and others are amongst a number of crypto-related companies that participated in the investment round.

A lucrative Latin American market

Founded this year, Nonco is a spinoff of Hong Kong-based digital asset platform, OSL and boasts locations in London, Miami, Mexico City, and São Paulo.

Latin America is proving to be a lucrative market for the cryptocurrency industry. Crypto analytics firm Chainalysis alleges that “grassroots adoption is strong” in the region, with Brazil, Argentina, and Mexico ranking in the top 20 of the organization’s global crypto adoption index.

“Cryptocurrency has become an important part of day-to-day life in many countries throughout the region, and in particular those facing currency devaluation,” reads a report from Chainalysis.

News of Nonco’s capital raise coincides with El Salvador’s ‘Freedom Visa’ announcement, wherein the Latin American country will provide visas to those who invest $1 million worth of Tether and Bitcoin. However, the application itself runs for $999 in USDT and BTC and is limited to a maximum of 1000 people.

Previously, El Salvador became the first nation to authorize Bitcoin as legal tender.

An up-and-coming asset firm and emerging market

Moreover, the digital asset brokerage firm is forecasting more and more U.S. interest in their evolving business.

According to Chainalysis, the North American crypto market holds nearly a quarter of all global transaction activity, with the majority of the percentage coming from the United States.

Having accumulated over $6 billion in total volume since April, the statistics could serve to be even promising for the emerging digital asset brokerage firm.