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CDS Metaverse P2E Arch Raises $2.75 Million

Metaverse P2E

Arch Raises $2.75 Million

Burak DANACI09/02/20231 Mins read400

Arch Raises $2.75 Million for New Product

Financial technology firm Arch plans to allow other alternative assets as collateral in the future.

Table of Contents

Developments from Arch

Arch, a financial technology company targeting alternative asset investors, recently announced that in addition to announcing its first product, it closed a $2.75 million funding round in the second half of last year. In addition, co-founder and CEO Dhruv Patel said in an interview that the financial technology firm would also lend some of the funds.

About Arch

Founded in February 2022, New York-based the platform allows users to take out a single loan collateralized across aggregated alternative assets, starting with cryptocurrencies. The loans are maintained by BitGo and denominated in US dollars or USD coin stablecoins.

Dhrux Patel, the company’s CEO, said in a statement that the fintech firm does not touch any of its client’s funds. Patel also said that Arch’s target clients are individuals with higher incomes or assets who are heavily invested in alternative assets and may feel discouraged by traditional lenders and financial institutions.

Patel said: “Today, nearly 50% of young investors hold cryptocurrency, and over 80% have stated they are interested in investing in alternative assets. With this financial firm, individuals can use crypto assets as collateral for loans, granting the ability to access capital to make other investments or make other large purchases to accelerate their financial journeys.”

Arch’s Future Plans

In addition, the financial technology company will use the funding to continue adding regulatory approvals that come with high legal costs. The firm operates legally in 31 states today. Additionally, investors in Arch include names such as Tribe Capital, Castle Island Ventures, Picus Capital, and Global Founders Capital.

Starting out in the crypto space, the financial technology plans to grow in the future using publicly traded shares, equity investments in pre-IPO companies, and real estate. Thus, borrowers will be able to use various asset portfolios as collateral.

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Written by

Burak DANACI

The author focused on financial markets after graduating from Anadolu University, Department of Economics. After meeting with blockchain technology in 2019, he produces content on youtube and twitter in this field.