Following its near destruction experience, and relocation to Estonia, Northern Europe, fintech company and cryptocurrency exchange group, Patricia Technologies Ltd has returned seeking to tap investors for the first time.
This comes after the court ruled for the company to vacate with immediate effect, and the interim order to freeze two of the firm’s bank accounts that traded in cryptocurrency.
Per Bloomberg, founder of the company, Hanu Agbodje disclosed that his company is now planning to raise as much as $50 million to upgrade its technology, hire blockchain engineers and keep up with regulatory requirements. All funds are expected to be raised in six months according to Agbodje.
Agbodje who revealed that as a result of the setback experienced in the cryptocurrency market, Patricia utilised the opportunity to drawback, plan and at the end, purchased three rivalry companies.
Patricia, who supports three crypto coins for trading on its platform, was able to increase its user base to 700,000 as a result of this.“The crypto space is heavily frowned upon by regulators so we need to be 100% compliant as we enter new markets,” Agbodje said.
He explained that to help people understand the technology, a lot of the funds he plans to raise will go into marketing.
“We need to find ways to break it down and reach as many people as we can,” Agbodje stated.
Abodje said also that the Nigerian apex bank, the CBN may reverse its crackdown on crypto trading, at which time, the country’s crypto industry would just get larger and greater.
“In order to keep up with larger competition Binance Holdings Ltd., the world’s largest crypto exchange, Patricia is aiming to expand”, Agbodje said.