Coinbase and Gemini back Onramp Invest in $6 million seed round

Onramp Invest, the investment platform, raised $6 million in a seed funding round with the participation of Coinbase Ventures, the venture arm of the exchange, and the Gemini Frontier Fund.

.@Onrampinvest, an #iPaaS #technology firm that provides access to #crypto assets for #RIAs, announces it has raised $6M in seed fundraising from @coinbase Ventures, @eternacapital, Fox Ventures, and more. https://t.co/l1mGCYcrWN

— American Entrepreneurship Today (@AmeriEntre_ship) August 4, 2021

Participants in the round also included Galaxy Digital, Galaxy Fund Management, Eterna Capital, Fox Ventures, Ritholtz Wealth Management, and WisdomTree.

Onramp Invest operates as an ‘integration platform as a service’ (iPaaS), providing registered investment advisers (RIA) in the United States with access to the cryptocurrency market.

The service includes the ability for advisers to trade on behalf of their clients, and provides educational resources and analytical materials.

The funding will be used to expand services for RIAs, explore broker-dealer registration, and grow the engineering team.

Fox Ventures managing partner Chad Foke said the firm had invested in Onramp “six times its standard investment,” citing confidence in the project’s success.

Earlier PwC noted the consolidation of venture investments in cryptocurrency companies.