Non-custodial crypto investing app provider Ember Fund has raised $700,000 with a crowdfunding sale, registered by the Securities and Exchange Commission (SEC).
The SEC-regulated funding operation gives eligible companies the opportunity to raise to a maximum of $1,070,000 in a 12-month period. It also allows them to offer and sell securities through crowdfunding if some specific rules are followed. Among them is the demand that the transactions have to be held online through SEC-registered intermediary, either a broker-dealer or a funding portal.
Big names also participated in the Ember Fund sale, including investors like Gil Penchina of Flight Ventures, David Weisburd of Growth Technology Partners, etc., and also an anonymous former partner at venture firm Kleiner Perkins.
During the sale, Ember offered the purchase of the so-called “Crowd SAFE securities,” where the abbreviation stands for Simple Agreement for Future Equity. The idea of the contract is that once a company goes public or gets acquired, the investors are entitled to equity.
Although launched last year, Ember mobile app enables users to invest in managed crypto portfolios. The product is non-custodial, meaning that every user is in charge of his assets, and has access to them.
As CryptoPotato reported earlier this year, BitGo, an institutional cryptocurrency custodian, acquired a financial platform to facilitate its clients when it comes to portfolio management.
The developments in the field continue as Bitcoin’s halving is just a few days away. The event has historically been a major bullish catalyst and is expected to attract further attention in the industry.
Institutional and retail investors now have more options when it comes to cryptocurrency custody. Bakkt, for once, has also seen its custody solution fully licensed by the New York Department of Financial Services (NYDFS).