Penningtons Manches Cooper has advised coinpass on a recent private equity-backed fundraising round. This was the first investment into the business and forms a key part of the strategic growth plans for coinpass.
Coinpass was established in 2018 to solve the demand for fast, reliable, professional and high-quality financial services products for Bitcoin and cryptocurrency trading in the UK. Coinpass operates an award-winning cryptocurrency exchange platform, which aims to be fast, secure, and easy to use for investors and traders. In August 2021, it became one of the first UK-based cryptocurrency trading exchanges for retail investors and businesses to be fully registered with the Financial Conduct Authority as a crypto-asset firm.
The investment into coinpass, which was completed in August 2021, was led by corporate partner Phil Walton with support from associate Hatem Abass. Support on IP, IT & commercial matters was provided by senior associate Oliver Kidd with employment partner Mike Cole providing advice on employment and consultancy.
Speaking about the investment, Jeff Hancock, co-founder and chief executive officer said: “Our dedicated legal team from Penningtons Manches Cooper assisted us at every step of the process of our first major external investment into the business. From our first meeting, Philip Walton and the coinpass team were able to scope, plan and execute our fundraising legal strategy within the timescales, enabling us to continue to grow the business. Without the firm’s support across its specialised legal departments, we would not have been able to execute our fundraising strategy and meet our investors' requirements in such a narrow timeframe.”