The funding will be used to expand the platform’s retail Bitcoin on-ramp in Europe, add zero-fee trading, support for Lightning and more.
New investors include Timechain, Cabrit Capital and Lightning Ventures, while participating firms Redalpine and Fulgur Ventures are both previous investors.
In addition to this news, the company announced that Ego Death Capital general partner Andi Pitt will be joining Relai’s board.
“The current bear market is the perfect time to focus on what’s most important: building a top-notch product, delivering a seamless user experience, and educating people about Bitcoin as the best savings technology ever invented,” said Relai CEO and co-founder Julian Liniger. “Our team is hungry for what’s ahead, and we have a crystal clear plan that we will execute in the coming months. With ego death capital and the great network around Jeff Booth, Andi Pitt, and Nico Lechuga, we are ready to bring bitcoin to everyone in Europe!“
The funding will go towards further expansion as a retail Bitcoin on-ramp in Europe. Relai currently has plans to add zero-fee trading, implement support for the Lightning Network and introduce a white-label product that will allow for other firms to offer fiat-to-bitcoin trading. Also in focus is the recently launched Relai Business platform.
“We’ve been really impressed by Julian and the Relai team and their ability to deliver long term value to users,” commented Jeff Booth, general partner at ego death capital. “We believe they will be a key player for European Bitcoin adoption and are excited to work with them.”