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Crypto app FreeBnk raises $3m

Source: FreeBnk

FreeBnk, the fintech app offering affordable services for crypto investors, closes $3 million in a combined equity and token funding round with backing from Founderheads, ChaiTech Ventures, LVT Capital, and Lavender Capital.

Developed by a team of veteran finance entrepreneurs, FreeBnk operates akin to a neobank to ease the transition for newcomers stepping into crypto, ensuring accessibility for all. The funding will support ongoing research and development to create a product that enhances accessibility, security, and customization, tailored specifically to the needs of those new to digital asset investment.

Despite the crypto market rebounding to a $2 trillion valuation, it still poses significant challenges for investors. Navigating the diverse array of cryptocurrencies and tokens remains complicated, often deterring crypto foreigners due to complex jargon, lengthy transaction wait times, and high fees. Moreover, the market continues facing security vulnerabilities, exemplified by the staggering $5.5 billion lost to theft between 2022 and 2023, highlighting the urgent need for mechanisms to protect user assets.

Armed with various features that bring a fintech-level finesse to blockchain investment, FreeBnk positions itself as the gateway to financial empowerment, helping new users enter the crypto market effortlessly. These features include:

  • FreeBnk RealWorld: Users can easily invest in tokenized real-world assets (RWAs), including fractional property ownership, stocks, bonds, gold, and other physical assets through a unified, user-first interface.
  • FreeBnk Crypto: Alongside gas fee-less cross-chain transfers, users can also access crypto trading in 150 countries with multiple on/off-ramp options including card and bank transfers.
  • FreeBnk Transfer: FreeBnk provides users with a cheaper and faster overseas fiat money transfer service utilizing blockchain technology.
  • FreeBnk Pay: Through low transaction fees, FreeBnk offers merchants and consumers an ideal alternative to traditional card and cash payments.
  • FreeBnk Lending: Users can access competitive rates for mortgages, lending, and savings, making financial services more affordable for everyday individuals.
  • FreeBnk Safe: Hassle-free access to digital assets through advanced inheritance plans, complemented by robust crypto portfolio insurance.

With a focus on intuitive design and accessibility, FreeBnk will implement the $3 million in funding to continue updating its interface and app experience for crypto newcomers. Part of this includes round-the-clock in-app customer service, granting direct access to human representatives for quick and transparent solutions. Most critically, FreeBnk’s multi-party computation (MPC) technology provides top-level security backed by $30 million in insurance coverage.

FreeBnk has also made it easier for investors to tap into the tokenized RWA market and explore owning property shares while generating passive income. By fractionalizing real estate investment, FreeBnk allows retail investors to access a diverse range of properties with smaller capital demands, mitigating the traditional boundaries to tokenized real estate investment.

“Our goal is to reduce the complexity that often intimidates users from entering the crypto sphere by offering a platform that provides a top user experience for our clients,” says Yunus Emre Ozkaya, CEO of FreeBnk. “First and foremost, we see ourselves as the pioneers in the RWA industry, as we built a product where real people can interact with physical assets, not just institutions. As the real estate market expands, we see substantial value in investors expanding their portfolios to include RWAs, benefiting from its inherent stability while enhancing their investment prospects.”

“We are thrilled to be a part of a project like FreeBnk that prioritizes greater user control over digital assets,” says Sarunas Legeckas, General Partner of Founderheads. “In today’s changing financial sector, empowering users with the ability to manage their assets securely and freely is essential. FreeBnk’s commitment to decentralization aligns with our vision of reshaping how users interact with digital assets.” 

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