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Economy Receives $110 Million in Series E Funding Led by Kingsway Capital


The crypto exchange has successfully raised $110 million in its latest Series E funding round. This substantial financial boost was led by Kingsway Capital, a UK-based investment management firm.

Alongside Kingsway Capital, the Series E round saw participation from several notable firms, including Baillie Gifford, Lakestar, LSVP, GV, Access Industries, Moore Capital, Prudence, Freeman Capital, Coinbase Ventures, and Pledge Ventures. In the meantime, Manny Stotz, CEO of Kingsway Capitaland, and Nicolas Brand, Partner of Lakestar, have joined the Board of Directors,

This round of financing resets’s market valuation, which now sits at less than $7 billion, according to Bloomberg’s conversation with a person familiar with the matter. This figure contrasts with the $14 billion valuation the company achieved in March 2022. Just before the major crises in the blockchain and crypto industry, the company completed a Series D funding round including Baillie Gifford and Lightspeed Venture Partners. This previous round valued at $14 billion, up from $5.2 billion.’s Response to Crypto Winter, established as an early player in the cryptocurrency exchange domain, has been pivotal in shaping the digital asset economy. Renowned for its trading platform and crypto wallet, the company facilitates a range of crypto transactions, catering to both individual and institutional clients. But the crypto winter hit hard.

In July 2022, announced that it would close their Argentina-based offices and halt expansion plans in several other countries. The company later decided to lay off 25% of its workforce, approximately 150 employees, in the same month due to the financial losses caused by the harsh bear market.

In addition, CEO Peter Smith said in a letter to shareholders that the failed Three Arrows Capital (3AC) was “rapidly becoming insolvent and the default impact is approximately [USD] 270 million worth of cryptocurrency and US dollar loans from”

The post Receives $110 Million in Series E Funding Led by Kingsway Capital appeared first on Cryptonews.

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