Crypto derivatives platform Deribit's parent company Sentillia has led a 4 million euro ($4.4 million) seed funding round into Netherlands-based cryptocurrency exchange Finst.
The oversubscribed funding round will be used to expand Finst's range of products drive its international expansion plans.
Among Finst's planned products is one aimed at "radically simplifying" access to the crypto market for retail investors, the exchange said in an emailed announcement on Tuesday.
Finst's exchange debuted at the start of this year and says it has since attracted "thousands of active users" in the Netherlands through offering crypto trading with fees that average 82% cheaper than eight exchanges registered with the Dutch central bank.
Already one of the world's largest crypto derivatives exchanges with over $750 million daily trading volume, Deribit is now backing a nascent cryptocurrency trading platform looking to appeal to mass-market traders and investors.
"Europe needs a first-class cryptocurrency exchange which is highly secure [and] fully transparent" said Finst's co-founder and CEO Julien Vallet. "Having one of the largest crypto derivatives exchanges in the world as shareholder brings us one step closer to achieving our ambition.”
Read more: Coinbase Fined $3.6M by Dutch Regulator for Failure to Register
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