Evercoin
Silicon valley based cryptocurrency exchange.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
$1.0m | Seed | ||
| Total Funding | 000k | ||
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Evercoin, founded in 2017 by Talip Ozturk and Miko Matsumura, operated as a decentralized and non-custodial cryptocurrency exchange based in Santa Clara, California. The company has since ceased operations. Talip Ozturk, who also served as CEO, previously founded Hazelcast, an open-source in-memory data grid utilized by financial institutions. This background in robust financial technology informed Evercoin's development. Miko Matsumura, a general partner at Gumi Cryptos Capital and a venture partner with BitBull Capital, brought extensive experience from his time as an evangelist for the Java language at Sun Microsystems and his involvement with several open-source startups.
The firm provided a mobile-first platform for iOS and Android that combined a multi-currency wallet with a crypto-to-crypto exchange, allowing users to trade digital assets directly from their own wallets without a registration process. This non-custodial model meant that Evercoin did not hold user funds, enhancing security by giving users full control over their private keys. To further secure assets, Evercoin integrated with YubiKey, a hardware security key, adding a physical layer of authentication to transactions. The platform supported a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), among others.
Revenue was generated from trading fees, which ranged between 0.5% and 0.8% per transaction. The business targeted cryptocurrency traders looking for a streamlined and secure way to exchange assets without the complexities of traditional exchanges, such as lengthy verification processes. A key feature was the ability to place limit orders, allowing users to set desired trading prices. In August 2019, Evercoin secured $1 million in a seed funding round from investors including gumi Cryptos Capital and BitAngels. Despite its initial developments, the company is now listed as deadpooled.
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