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Uncapped raises 10M to offer revenue-based finance to growing businesses

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Uncapped, a London-headquartered and Warsaw-based startup that wants to provide “revenue-based” finance to growing European businesses, is officially launching today and disclosing that it has raised £10 million in funding.

The capital is a mixture of equity funding and debt (money it can use for lending), and sees the fintech company backed by Rocket Internet’s Global Founders Capital, White Star Capital and Seedcamp.

I understand a number of angel investors also participated. They include Robert Dighero (partner at Passion Capital), Carlos Gonzalez-Cadenas (COO of GoCardless) and David Nolan and Kevin Glynn (founders of Butternut Box).

Founded by “serial entrepreneur” Asher Ismail (who was most recently CEO of Midrive) and former VC Piotr Pisarz, Uncapped has set out to use various marketing, sales and accounting data to be able to offer finance for young businesses based on their current (and projected) revenue.

Specifically, Uncapped says it will enable founders to access working capital between £10,000 and £1 million for a flat fee of 6%. It’s being pitched as a smart alternative for growing companies that don’t want to give away equity in return for capital to help grow.

“The first decision that entrepreneurs need to make when raising finance is whether to give away a portion of equity in their company or take on debt,” explains Ismail. “Equity is a slow and very expensive way to fund growth, while loans add more risk. We’re creating an alternative that sits between debt and equity financing, while offering the benefits of both. We started Uncapped so that entrepreneurs wouldn’t have to give up a piece of their company or put up their house.”

Ismail says that Uncapped provides entrepreneurs with access to capital without the need for “personal guarantees, credit checks, warrants or equity,” and promises to move a lot quicker than investors, or for that matter, more traditional forms of debt finance, can.

“We don’t require customers to share any business plans, cap tables or pitch decks,” he adds. “All we need is to verify their business performance. We connect to the business’ existing sales and marketing platforms, like Stripe, Shopify and Facebook. Revenue-based finance also gives founders the flexibility to repay less when their sales slow or the market hits a downturn.”

The only stipulation is that businesses must be based on online payments and have at least nine months trading history. This makes Uncapped particularly suitable for companies operating e-commerce, SaaS, direct-to-consumer, gaming and app development businesses.

“For example, our first customer was online menswear brand, L’Estrange,” Pisarz tells me. “For e-commerce businesses, December is typically the most challenging time to invest in growth, as inventory and marketing costs are at a peak but Christmas sales have not yet come through. We were able to provide the business with an advance within three days.”

Meanwhile, Ismail claims that Uncapped is the first company of its kind to launch in Europe (which is somewhat of a stretch) and that venture capital — although very different — is probably the closest alternative form of financing.

“Despite the $35 billion invested in Europe by VCs this year, many companies do not fit the venture model,” he says. “They might be a family business that doesn’t intend to sell, an entrepreneur focused on more of a niche market or minority who may be overlooked by traditional funders. Whilst VCs will often meet 1,500 companies and back just five of them a year, we have the ability to provide hundreds of businesses with growth capital for a flat fee much faster and without sacrificing equity at an early stage.”

Read more: https://techcrunch.com/2019/12/02/uncapped/

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Coinbase Custody selected by 21Shares for Bitcoin ETP

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Coinbase

Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.

21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.

Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”

Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.

Source: https://blog.coinbase.com/coinbase-custody-selected-by-21shares-for-bitcoin-etp-a1b5dd380694?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase Earn

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Coinbase

Earn COMP while learning how to borrow crypto and earn interest with Compound

Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.

Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.

Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.

Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning crypto today.

Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-earn-74cb88acbf78?source=rss—-c114225aeaf7—4

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Compound (COMP) is now available on Coinbase

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Coinbase

Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.

Compound (COMP)
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.

Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.

Source: https://blog.coinbase.com/compound-comp-is-now-available-on-coinbase-de42a317790c?source=rss—-c114225aeaf7—4

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