Alto plans to use the funds to increase its employee headcount and enhance its educational content offerings. Here are the top-line bullets you need to know.
Alto, a provider of asset-focused, self-directed IRAs, has raised $40M in a Series B round that drew participation from Acrew Capital, Advance Venture Partners, Alpha Edison, Coinbase Ventures, Foundation Capital, Moment Ventures, Saturn Partners, and Unusual Ventures.
HOW’S THE COMPANY PERFORMING?
- Nashville-based Alto provides investors with simple and cost-effective options for investing their retirement funds into alternative assets.
- The company has established more than 75 partnerships with organizations like Grayscale, AngelList, and Masterworks.
- Alto handles nearly 20K funded accounts, which collectively represent about $1B in assets.
Source: Alto
WHY DOES THE MARKET MATTER?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- Crypto has applications across peer-to-peer payments, remittances, e-commerce, retail, media & entertainment, and other industries as well.
- The growth of crypto has given rise to concerns regarding its potential to enable fraud and financial crime, increasing regulatory pressure as well as the demand for analytics tools for compliance and risk management.
