Our team at YOP has been working hard over the recent months with product development and to secure the best investors, strategic partners and advisors for our project. While we are excited about the response from the crypto community, we are particularly enthusiastic that our vision has also resonated with those in the traditional finance industry. When we first started building YOP, the plan was to raise funds from within the crypto community. Funding from an institutional investor outside of the crypto space was on the horizon for a later growth stage round. However we were approached early on by a London investment company, who were very keen to get involved.
No doubt raising funds from only within the crypto community would have been far easier. Crypto investors understand the technicalities, they are experienced in the transaction process and execution, so you generally close fast. That’s not the case with a traditional investment firm, especially if it is a publicly listed entity. That was something on our minds when we were presented with interest for investment into YOP: we could either go with the easy option upfront, or take a little more time, but reap the rewards of having a more balanced investor selection early on.
And so, we are happy to announce that YOP has agreed funding from a traditional venture fund that is listed on the London Stock Exchange, Pires Investments Plc. Pires took YOP through a rigorous due diligence and technical review process which lasted just over 7 weeks. This was a much lengthier and more detailed process than raising from crypto-only funds, who can often agree terms and successfully close within 24 hours. YOP was able to successfully illustrate the value in its strategy, team and robustness of its platform development to a specialist technology investor. We are proud to have achieved this validation that very few early stage crypto projects can achieve, which will also give other investors in the project great confidence.
Having a traditional investment company involved as a cornerstone backer will help YOP differentiate ourselves from other projects, giving us best in class corporate governance and ongoing advice and support from Pires and its team. We always planned for YOP to capture a base community from within the crypto space, but the larger growth will come from tapping into the traditional markets and bringing users over to the decentralised world.
So we welcome Pires Investments Plc as our lead investor for our seed round that we are just closing. Pires is listed on the London Stock Exchange ($PIRI) and focuses on investment in next generation technology companies, which have potential for major transformation and exponential growth. They are active investors in IoT, Ai, Cyber Security & AR/VR. The recent surge in DeFi and with Bitcoin trading at new market cap highs, complemented with better fiat on-ramps via PayPal, is driving long-term, sustainable capital into the space. We believe that companies like Pires and more experienced venture capital will add long-term value to the crypto ecosystem as opposed to speculative bubbles.
We are also happy to announce that a number of senior advisors from the traditional markets have committed to support YOP as advisors and early stage investors including Lesoza Enterprises, Barry Downes of Sure Valley Ventures and Brian Kinane of RiverFort Capital who YOP is very pleased to welcome to the team.
Alongside Pires we welcome our lead crypto investor Magnus Capital who have been actively involved in YOP from the start. Magnus Capital has been investing in the digital asset market since 2012. They have had tremendous success in backing a variety of projects and using their experienced network, helping to propel these projects to exponential growth. Magnus are active in decentralised finance applications, which they believe will play a critical role in the digital economies of the future. They have an appetite to seek out projects early on, investing in bright developers and founders alike.
We would like to thank and welcome everyone who has expressed support and interest in the project. YOP is fortunate to have a number of partners, as mentioned on our website, working with us to deliver an outstanding product. We believe the support from the variety of investors and partners is indicative of the potential YOP has to become a leading project in the space.
As we complete our initial fundraising, we now look forward to accelerating development and ship V0. We also move to increase our community activity, marketing and brand awareness. Post V0, we will review our plans and should it be necessary, explore options to raise further capital to accelerate growth. For now we look forward to deploying $YOP, the yPlatform & yProtocol.
As YOP is chain agnostic, integrating leading products from different networks is one of the key focus areas for the team. We want the yPlatform and yProtocol to have broad scope and be as inclusive as possible. With that in mind, we wanted to bring in experienced advisors. We would like to introduce our advisory board, which will guide us along the way and offer valuable assistance in bringing YOP to the masses. Respected leaders from the traditional finance space will aid YOP in reaching a broader audience, beyond today’s crypto enthusiasts, while our crypto advisors will lend us their experience and insights within our own sector. We believe that our broad network will open doors for YOP to work with other reputable projects in the space. This would improve interoperability in DeFi and, as an outcome, help enhance the customer experience for everyone.
Once again we would like to thank everyone for the support to date and look forward to the days ahead. Subscribe to our social channels for the latest updates.