NOTE: Wyre announced on June 16, 2023 that they will cease operations. All users must remove funds by July 14, 2023. New accounts will no longer be available. For more information please refer to their blog article: https://blog.sendwyre.com/wyre-operations-update-712a6d084229
We’re happy to announce that Bitmex Ventures and Fenbushi Capital are leading our current funding round. Non-US investors from all over the world can also join this round through the investment platform Bnk To The Future, with a minimum of $1,000 USD. Bnk To The Future is a fundraising platform used by many reputable companies such as Shapeshift, Bitfinex, Abra, Kraken, and others.
In early 2017, Edge (known then as Airbitz) set out to redefine the exchange experience for retail investors. Building on our unique key management architecture in Airbitz, we launched Edge in February 2018 as a non-custodial exchange with support for multiple crypto assets and integrated exchange services. Edge enables retail investors to buy, sell, and trade without giving up control of their assets to a third party. This eliminates the risks custodians pose to users and the health of the ecosystem.
Since Edge launched in Q1 2018, we’ve seen 100% quarter over quarter growth in exchange volume. We’ve achieved this growth with crypto assets below 50% of their peak market cap from 2017. These results give us great confidence in our product market fit, company’s vision, and ability to capitalize in both a bull and bear crypto-market. We would love to include you in our future success.
Our story has many chapters and many more to come. Here’s a brief overview of how far we’ve come and where we plan to head next.
What We’ve Accomplished Since Our Last Raise
After a successful capital raise at the end of 2016, we deployed funds toward increasing the usability of our security platform and creating an entirely new crypto-asset application. Built from the ground up, we tailored our code base to support multiple crypto-assets and operating systems. In addition, the new architecture allows us to easily integrate partner exchanges and allows other applications to use our security platform via a developer-friendly SDK.
In February 2018, we re-branded the company and ushered into the world the concept of a non-custodial exchange by introducing the first version of the new Edge mobile app. During 2018, a lot of functionality was ported over to Edge that had previously existed in our first app, Airbitz.
We also onboarded several unique blockchains that most non-custodial wallets haven’t been able to support. Many of which are not just forks or clones of Bitcoin, but introduce new architectures and challenges. Our ability to support these blockchains highlights our platform’s modular architecture and ability to work with different crypto-networks. Assets like Monero (XMR), Ripple (XRP), and Stellar (XLM) were added in 2018, making Edge a comprehensive mobile exchange and security option for users.
By the end of 2018 we integrated two new partner crypto-to-crypto exchanges, Changelly and ChangeNow. With these integrations, we introduced the world’s first and only non-custodial price hunting exchange. With just a few taps, users could easily search multiple exchanges for the currency pair and amount requested, and then receive the best price across all partners. To round out 2018, we added a fiat to crypto exchange, Simplex, which enabled our users to buy digital assets with a credit card in over 100 countries.
We’re not slowing down in 2019. Since the start of the year we’ve added a unique blockchain, five exchanges, and we dramatically improved the performance of Edge.
Additions like EOS further demonstrates our modular architecture and ability to interact with unique assets and networks. We also added Faast, another crypto to crypto exchange, giving users a rich set of ERC20 token exchange options.
In just the past month, we integrated Totle into Edge, giving users greater access to a much larger pool of liquidity for ERC-20 tokens through top permission-less decentralized exchanges (DEXs). Totle pools the liquidity of the fragmented but incredibly diverse Ethereum DEX ecosystem.
With Faast and Totle, Edge now supports five crypto-to-crypto swap services, leading users to the best exchange for their requested swap.
2019 also saw the integration of three new fiat to crypto exchanges.
First, our partner Wyre enabled Edge users to buy and sell BTC, ETH, and DAI with a US bank account. We then integrated Moonpay and Liberty X. Moonpay allows our European, Canadian, South African, and South Korean users to buy and sell crypto-assets with the simplicity of Apple Pay. This integration provides the first and only ability to buy crypto-assets using Apple Pay from a mobile app. Meanwhile, Liberty-X connects our users to their network of US locations that allow purchasing of bitcoin with cash.
Since our last raise we were able to release a brand new multi-asset exchange platform, add support for unique blockchains that others couldn’t, integrate multiple crypto-to crypto exchanges, multiple fiat to crypto exchanges, and substantially increase the performance of Edge.
After this next round, we plan to use capital on several key initiatives. Our first priority is to integrate fiat to crypto exchanges in every possible jurisdiction. Edge’s goal is to become a global on and off ramp for crypto. Any user, anywhere in the world, will be able to buy, sell, and trade crypto through Edge and its global exchange partners. By the end of 2019, we will launch integration of partner exchanges in Canada, Brazil, Mexico, Europe, UK, Scandinavian countries, Japan, Philippines, Australia, Israel, Panama, Bahrain, Kuwait and Saudi Arabia. By providing a purely software, non custodial application, Edge is able to provide global exchange services with no regulatory or banking relationship burden.
Next, we plan on establishing ourselves as a global brand. We will strategically roll-out marketing efforts to coincide with fiat to crypto exchange support in new countries and regions. This allows us to maximize ROI of funds which will be used to support meetups, community leaders, and conferences that bring awareness of Edge.
To finish up 2019 we will offer more financial services integrated onto the Edge platform such as crypto-based lending, interest bearing accounts, and leveraged trading services.
In 2020, we’ll start building out vault caliber, multi-signature solutions. We believe this will be the most user friendly way to secure and use digital assets. Edge has a multi-sig architecture that will hide the complexity of current solutions, enabling a high security product with the familiarity and simplicity of a single-sig software solution like Edge users experience today.
To learn more about our Bnk To The Future equity funding, check out our campaign here. We can’t wait to share updates on the easiest to use and most secure crypto-asset app as we keep innovating, always with an eye on the future.