Sequoia China affiliated fund co-leads $8m round of cryptocurrency startup

Kikitrade, a cryptocurrency social investment platform based in Hong Kong, said it has secured US$8 million in a pre-series A round co-led by Dragonfly Capital, a blockchain venture fund affiliated with Sequoia China, Cherubic Ventures, and Animoca Brands.

Other investors also joined the round, including Ethereum co-founder Joseph Lubin and his new fund that’s still in stealth mode, as well as Vulpes, Artesian, Super Chain Capital, Head & Shoulders X, and SNZ.

Kikitrade Co-founder Allen Ng / Photo credit: Kikitrade

Kikitrade aims to provide a cryptocurrency investment platform and to create an “interactive and educationable” in-app community by integrating social and gaming elements to the platform. It was incubated by Asia-based blockchain company Everest Ventures Group in March 2020.

The startup, which sets its minimum investment amount at US$1, offers crypto-based saving features and regular investment plans aimed at beginners and long-term holders.

After getting a Digital Asset Exchange Provider Qualification from the Australian government, Kikitrade plans to apply for more licenses in the Asia Pacific.

With the fresh capital, Kikitrade will accelerate user acquisition in several markets across the region including Taiwan, Southeast Asia, and Australia. The company will also continue to optimize its existing trading system and enhance its educational content, develop its non-fungible token and decentralized finance portal.

Kikitrade’s team comprises engineers, hedge fund traders, investment bankers, and crypto enthusiasts with knowledge in both financial and blockchain industries.