Ziglu, a cryptocurrency app headquartered in U.K., has raised more than $8 million in a crowdfunding campaign, which is the biggest equity raise on the Seedrs this year.
Support from about 1250 investors brought Ziglu's total fundraising to $14.8 million.
The reason why the product seemed to be getting Seeders' attention is that it's a good time for the crypto app, which was launched in June by Mark Hipperson, a former co-founder of Starling Bank. Apps such as PayPal, Square and Revolut are embracing Bitcoin and its price is close to an all-time high.
Yang Li, the Chief Growth Officer of Ziglu, stated, "I am blown away by just the reception and the support we've gotten from the community about our crowdfunding campaign."
Ziglu's goal was to raise a modest £1 million (about $1.34 million), but that was achieved within three hours of the campaign opening.
"We weren't being purposefully coy to set our target at £1 million," Li said. "I was thinking it would be nice if we could get halfway there by the end of the week. And then we blew the gates apart."
The crowdfunding results were five times more than oversubscribed. Li said the average investment was $6445.
Ziglu enables users to buy, hold and sell Bitcoin, Bitcoin Cash, Ether, Litecoin and XRP. U.K.'s Financial Conduct Authority, or FCA, approved the payments platform as an electronic Electronic Money Institution earlier this year.
The momentum created by crowdfunding, coupled with the lively atmosphere of the crypto bull run, has also led to a surge in Ziglu's user numbers.
"We were ranked as high as number five on the App Store and we are seeing a huge upsurge in user numbers," said Li. "We've doubled the number of users in the past couple of weeks."