Venture Capitalists Are Still Investing in Blockchain Startups During Covid-19

Venture Capitalists Are Still Investing in Blockchain Startups During Covid-19

Relai, a Dollar Cost Averaging bitcoin investing phone app made in Switzerland, announced a successful closing of its 200K CHF seed round at a valuation of 1M CHF – showing that venture capitalists are still investing in blockchain-inspired startups even during Covid-19. Among the investors is the controversial Bitcoin maximalist Giacomo Zucco, who served for the last years as board member of the Bitcoin Association Switzerland.

Relai allows its users to buy & sell Bitcoin directly via bank payment, without any account creation or KYC/AML verification, while still being fully regulatory compliant. The service is offered through a free, simple & user-friendly Smartphone App and available to all European countries. After only two months of being live, Relai’s volumes and revenues in August have more than doubled compared to July. The Relai App has been downloaded almost 2,000 times in more than 20 countries and processed well over 300’000 CHF/EUR in Bitcoin investments. More than 30 Bitcoins have already been sold, mostly to newcomers.

“Relai aims to finally boost Bitcoin mass adoption by making investing in Bitcoin as easy as finding a match on Tinder. While our great first numbers are a positive surprise, it doesn’t surprise me at all that people hate KYC and dealing with complicated user interfaces of Bitcoin & Crypto Investing Apps. If given the alternative, most newcomers will choose a service that is easy and KYC-less, for both convenience and privacy reasons.”

Julian Liniger, CEO of Relai

The most liked and most used feature of the Relai App is it’s DCA (Dollar Cost Average) function. Users can set up a weekly recurring buy order and watch their sats dropping in automatically.

“Bitcoin is currently affected by false dichotomies. You have economics-oriented experts advising newcomers to save and “stack sats” as opposed to focus on trading or spending, while infosec-aware experts advise them to avoid dangerous traps like KYC surveillance. You have terrible shitcoin-casinos wrapped in great mobile UX, versus Bitcoin best-practices limited to command-line. I like Relai since it tries to break these dichotomies with a minimalistic, intuitive, privacy-oriented, saving-oriented, Bitcoin-only design.”

Giacomo Zucco, Relai Advisor