We are investing in two affiliated crypto companies: Coinmate exchange and Confirmo payment portal

The affiliated projects Coinmate and Confirmo have become part of our Miton C portfolio aimed at web3 and crypto projects. We are investing tens of millions of Czech crowns with the aim of giving as many people as possible the chance to invest securely in cryptocurrency.

Founded in 2014, Coinmate is the largest Czech cryptocurrency exchange. As it is simple and secure, Coinmate is accessible to anyone who wishes to invest in the technological advances that crypto is making possible.

Coinmate allows you to purchase cryptocurrency (BTC, ETH etc.) for CZK or EUR. Since its launch in 2014, over CZK 18 billion and EUR 660 million has been traded. The current daily transaction volume exceeds EUR 1 million. The exchange has more than 80,000 users, most of whom are Czech.

Confirmo is a service focused on companies that wish to make it possible for their customers to pay in cryptocurrency. Confirmo’s Czech customers include Alza, Pilulka, Prusa Research and a host of other merchants from around the world, including e-shops, car dealerships, FOREX companies, and so on. The annual transaction volume is currently CZK 1.5 billion.

Investment context

For crypto and web3, a real-world connection is crucial. “Onramps” (i.e., sites, such as Coinmate, where people can access cryptocurrency) and “offramps” (i.e., sites, such as Confirmo, where it is possible to exchange cryptocurrency for fiat currency or products) are required. Due to huge investments in new DeFi applications during 2022, the whole environment is expected to become even more complex: the number of blockchains, web3 apps, new investment instruments, digital assets and “stablecoins” will increase.

"The more complex the cryptocurrency environment becomes, the more regular users and companies will need a trustworthy partner to simplify matters and to act on their behalf. I believe that together we will be able to build such brands. Coinmate has the potential to become one of the biggest "crypto onramps" in Europe, a sort of “Czech Savings Bank for crypto”, and Confirmo is set to become an important global player in cryptocurrency payment,” says Nikos Balamotis of Miton C about the investment.

Other plans

“The market today is often wild, making it not so easy for investors to distinguish between projects and products and assess them properly. Tokens are an example: with the right attributes they can be an interesting investment instrument; if not, they can lack any real value despite appearing attractive. Fortunately, the EU is drafting the MiCA (Markets in Crypto-assets) Regulation in respect of crypto. The rules for doing business with crypto are thus set to become stricter again, and we believe that is a good thing.

As a partner, Miton will help us invest massively in our efforts to comply with the rules of European and Czech regulators and set up cooperation with banks and other institutions. We have the experience, infrastructure, designated team and user trust for that,” says Roman Valihrach (in the photo on the right beside Daniel Houška), one of the founders of Coinmate, about plans in the works.

The second objective is long-term support for the adoption of crypto in the Czech Republic and even helping to improve financial literacy in this area. We can make use of the unparalleled experience of both founders, Roman Valihrach and Daniel Houška. Only a very small number of people in the Czech Republic have been active in the crypto system as long as they have.

Of importance will also be supporting communication with the appropriate institutions and building an ecosystem that will move the Czech Republic forward and increase its competitiveness in an area that we believe will fundamentally change the financial industry. Just look at neighbouring Germany: Sparkasse has been the first to publish its plans to offer its clients cryptocurrency services in 2022, with Commerzbank and Volksbank set to follow shortly.

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