“Our challenge now is the extra millions” – A Finnish bitcoin broker is riding the crypto wave – Business Insider Nordic

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  • Prasos is one of the Nordics’ leading cryptocurrency service providers – and it’s making a killing on the bitcoin boom.

  • The company almost quadrupled revenues this year to 3 million euros.

  • Prasos has just secured a record-breaking, €2,5 million crowdfunding investment to boost European expansion.

  • The company wants to go public on Nasdaq First North and may soon add altcoins on its platform.

As a leading Nordic cryptocurrency exchange, Prasos faces a problem of a positive nature, namely “what do we do with all this money coming in?”

The company offers a wide range of bitcoin services, including Coinmotion, a European bitcoin investment and trading platform; Bittiraha.fi, Finland’s most popular bitcoin portal; and Denarium, a leading physical bitcoin online store. Prasos also advices companies in different applications of blockchain technology.

Prasos revenues for 2015 were a meager €340 000 euros, but last year’s cryptocurrency boom put the company on steroids: Revenues almost quadrupled to 3 million in 2017. 

The total volume of bitcoin trades running through Prasos reached 70 million euros in December, outpacing 2016 in its entirety.

Our challenge now is the extra money. We are going to have millions of euros that we must invest so that the money keeps its value or grows,” says Prasos CEO Henry Brade.

In the next three years, the company wants to grow revenues up to six-fold by making cryptocurrency investments readily available for high-net-worth individuals and institutional investors. 

“The sector is quite complex especially for non-tech-savvy investors and therefore the development of a traditional investment product [..] has clear demand,” Brade says.

Prasos aims to go public on Nasdaq First North.

Despite the windfall that was 2017, Prasos still decided to beef up through a recent crowdfunding campaign that took in 2,5 million euros in exchange for 15% of equity. 

The campaign, which was headlined “taking bitcoin investing mainstream”, turned out to be crowdfunding platform Invesdor’s most successful non-IPO campaign to date – and helped spike Prasos’ valuation to 14,2 million euros.

Prasos is now looking to fuel its growth by creating a private banking service for high net-worth individuals and setting up a diversified Cryptocurrency Investment Fund. It’s also potentially extending its services to other cryptocurrencies than just bitcoin. 

The long-term goal is to gain credibility by listing on the Nasdaq First North stock exchange. To maximize profits, Prasos also considers investments into a broad basket of cryptocurrencies as well as more traditional investment options, Brade says. 

As the company mulls its options that include acquiring other European companies in the sector, one thing is certain: as long as the market remains glowing hot, this is not the last we’ve heard of Prasos.

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