Munich-based Tangany, a white-label platform for custody of crypto assets is today announcing it has closed €7M in a seed funding round led by Nauta Capital. The startup offers a reliable, scalable, and highly secure white-label means to the custody of digital assets on the blockchain. Tangany is currently providing custody services to more than 40 clients, among them the Tezos Foundation, Quirin Privatbank and Exporo, with a portfolio of €400M in digital assets under custody.
The Seed round also featured new investor C3 VC Fund and saw the existing investor HTGF participating. Stefan Schuetze, Managing Partner of C3 VC Fund explained, “As a new investor in Tangany, we are looking forward to actively supporting the next level of Tangany’s success story. Tangany is very well positioned for the next stage of evolution. Legacy banks have not yet developed adequate crypto custody solutions internally and therefore rely on Tangany as a leading custody provider. By obtaining the license early, Tangany has a big head start on the competition in Europe and beyond.”
A lead providing white-label crypto custody solutions
Tangany operates a WaaS (Wallet as a Service) model providing businesses with the ability to easily integrate blockchain tech into legacy and new systems via an API. It also offers highly secure storage for digital assets such as Bitcoin, Ethereum, stablecoins, security tokens and NFTs. The startup’s proprietary solution supports both hot and cold wallets, providing its clients with the easiest way to adopt blockchain.
The company is Ba-Fin regulated, acting as a white-label platform for crypto custody. “White label” refers to a fully supported product or service that is made by one company and then sold by another. White label products and services are purchased while lacking branding. The startup lists some of its partners such as Anyblock Analytics GmbH, among others.
Through its partnerships, Tangany offers all fundamental infrastructure be it basic blockchain access via RPC nodes, data abstraction or alerting on the tech side, or all financial aspects with regards to cryptocurrencies, such as wallets, custody and tokenization, just to highlight a few within the vast field of crypto. The provided infrastructure comes with connectors, the Meta Blockchain API, enabling clients to connect to different public blockchains like Ethereum or Bitcoin and private ones like Hyperledger or Privat Ethereum instances.
A recognised and awarded German startup
Founded in 2018 by Alexey Utin, Christopher Zapf, Hans Nickel and Martin Kreitmair, the startup has experienced skyrocketing growth over the past year, onboarding a strong European client base and already seeing global demand from Asia, America, and Africa. This indicates Tangany’s custody solution is acknowledged globally for its quality and reliability. The startup has recently onboarded over 25 new clients including Tezos Foundation, Exporo and Quirin Privatbank. This growth now reflects more than €400M of digital assets under custody, increasing Tangany’s revenue by 5x by year-end 2021.
The team is expected to grow to more than 50 employees by year-end 2022, beginning with the key hiring of Heinrich Polke, Tangany’s new COO. The funding will also enable Tangany to add new services such as staking and yield farming. Furthermore, the different business activities will be streamlined through a single unified API and a newly added web interface for clients. Tangany has received awards for its leading wallet infrastructure in recent years, most notably the Fintech Germany Award in 2020 for Seed Stage and 2021 for Investment Technology.
“With this successful funding round we begin the next chapter of our development. We were 4x oversubscribed which shows that Tangany is heading in the right direction. So far, Tangany has been growing through its own profitability. Our partnership with Nauta Capital, C3 VC Fund and our existing investors, will enable us to accelerate our growth by expanding our team whilst also retaining our exceptionally high standards of quality and reliability. We will continue to innovate, and we couldn’t be more excited for the future.” commented Tangany’s CEO Martin Kreitmair.
