April 4, 2022-- Sequoir, a US-based financial technology firm providing blockchain trading and custody APIs to banks and credit unions announced a $1.7 million Series Seed funding round led by Grey Elephant Solutions, LLC. Rasikh Morani from Grey Elephant will serve on Sequoir’s board of directors.
Additional participants in the round include financial institutions Bristol Morgan Bank and The Bank of Kaukauna, venture capital funds Wisconsin Investment Partners and Tundra Angels, and individual investments from Eric Kubik and Ben Raboine.
The new round of funding will be used for product development, legal and compliance, accelerating sales, obtaining money transmitter licenses in multiple states, and building digital banking integrations and relationships with industry leaders.
Chief Executive Officer Justin Seidl comments:
“Our mission is to bring blockchain technology, including cryptocurrencies, to financial institutions as the next-generation payment rail. Much like debit cards and mobile banking, cryptocurrencies provide a new and efficient way of transacting value."
"Unlocking the use of blockchain technology in the traditional banking ecosystem creates investment vehicles that could not previously be conceived. Our flagship service allows financial institutions to provide crypto trading and custody of digital assets by the end user."
"Building on the trading and custody service, Collateral, will boast 24/7/365 and 100% liquid digital assets as collateral on traditional loans. This is a first of its kind technology in traditional banking that we aspire to lead.”
Founded in January 2018 by Justin Seidl, Sequoir’s original mission was to provide a safe and easy way for US-based residents to buy and sell digital assets with their bank account. At the time, Coinbase was a great solution for this demographic but was restricted to Bitcoin, Ethereum, and Litecoin. To buy or sell other digital assets a user would have to buy or sell Bitcoin from Coinbase and then transfer that Bitcoin to or from another exchange often located in a country outside of the United States. Sequoir was born and with it a way for US-based residents to buy an expanded portfolio of digital assets.
For the next three years Sequoir grew organically with a conservative approach that made compliance and regulation a priority. An emphasis on the communities of the digital assets Sequoir listed created a tight knit group of customers that provided ample feedback. This feedback allowed Sequoir to refine its onboarding and trading processes.
Our conservative approach and robust know-your-customer process slowed user growth while similar competitors grew quickly with nothing more than an email required on sign up.
As a result of our slowed user growth, in early 2021 the decision was made to pivot Sequoir’s business model to an API as a service model. Using the infrastructure built three years prior Sequoir was well positioned to provide partners with the ability to onboard customers, buy and sell crypto, and monitor the USD and digital asset transactions. Sequoir has quickly put itself at the forefront of providing blockchain solutions to both fintech and financial partners. This new strategy is what led Rasikh Morani of Grey Elephant Solutions LLC to invest in Sequoir.
Rasikh Morani, Grey Elephant Solutions LLC
“I believe crypto will be the defining technological innovation of our age and I look to invest in companies that bridge the gap with traditional payment rails. Sequoir is well positioned to provide financial institutions with the tools necessary to make blockchain technology an offering to their customers."
"Banks and credit unions can reduce the fees to on and off ramp crypto, leverage digital assets as collateral, and create investment vehicles not yet imagined… Sequoir makes this possible.”
Sequoir is a FinCEN registered money services business in the United States with a heavy emphasis on regulatory and legal compliance, the team is laying the foundation to build a next generation financial technology firm focused on a balanced offering of blockchain solutions and regulated finance.
Chief Operating Officer - Sequoir