Prasos Generates Millions in Revenues
Prasos, one of the largest Nordic crypto-exchanges and brokers, has managed to bring in €3 million euros worth of revenues. The company has also gathered an additional €2.5 million from crowdfunding. Its revenues from 2015 totaled €340,000 euros, which might not be stellar compared to international standards. However, it’s still solid considering the company is still fairly new to a crypto-market that was very tiny compared to what it is now. A historical snapshot of the crypto-market from May 2015 shows that entire crypto-market cap was less than $4 billion.
Prasos Looking to Penetrate More European Markets
With the €2.5 million raised via equity funding, the Finnish firm plans to penetrate deeper into the European financial markets. One of its goals is to offer crypto investment opportunities to the general public. The cryptosphere seems intimidating to many traditional investors, so Prasos intends to make its exchange services more accessible to investors who are not so crypto-savvy.
The company’s CEO says, “The general interest towards cryptocurrencies has increased significantly, but the current services are not very user-friendly”. He then states that his organization has made considerable investments in order to make their services more secure. Furthermore, the firm would like to make it as simple and intuitive as possible for crypto-novices to enter the booming market, particularly those with deep pockets.
Started From Humble Beginnings
Before we go over the company’s list of services, let’s take a brief look at their humble beginnings. Henry Brade, CEO of Prasos, says he first found out about bitcoin sometime in 2011, and it immediately captured his interest. Soon, he began researching and learning more about this digital currency. His executive profile on Bloomberg states that he is among the most well-known bitcoin experts in Finland. His company now gives professional advice to companies looking to tap into blockchain technology. What some people might not be aware of is that Finland is near the top of the list of countries when it comes to bitcoin activity per capita. The nation is also known for installing the first bitcoin ATM in Europe.
What Services Does Prasos Offer?
Prasos provides a secure online platform for people to buy, sell, and even store cryptocurrency. It’s called Coinmotion. Then there’s the Denarium bitcoin, a popular physical coin which holds actual bitcoin value inside of it. Probably the most popular of its services and the company’s biggest revenue generator is known as Bittiraha.fi. According to their official Twitter account, they’re in charge of the biggest BTM network in their region and also function as a major bitcoin exchange service.
What Does the Future Hold?
The crypto service provider is fairly optimistic about the future. It would like to utilize its resources to help cryptocurrency investment become mainstream. They plan on doing this by partnering with established financial firms that offer more traditional types of investments and also by improving the services offered by their Coinmotion subsidiary.
As the crypto-market continues to evolve, it’s not without plenty of growing pains. Most people are aware that numerous crypto-exchanges have been hacked, resulting in huge financial losses. Regulators have also cracked down cracked down on cryptocurrency trading. So, it will be interesting to see if companies with bold ambitions like Prasos can manage to survive by overcoming all the obstacles they encounter in their future.