Mochatrade has raised US$5.5 million in a Seed funding round led by CoinFund. Coinbase Ventures and Zero Knowledge Ventures also participated. The India-based platform gives active traders access to contracts linked to US stocks, indices, and commodities.
Use of funds
The company will use the fresh capital to develop its trading engine and risk infrastructure. It also plans to expand its reach among active Indian traders. Earlier investors include Y Combinator and Pioneer Fund.
Company background
Mochatrade was founded this year by Utkarsh Sinha, Parth Maheshwari, and Chetan Manda. Its Indian operating entity is registered with the Financial Intelligence Unit India as a Virtual Digital Asset Service Provider. The platform has a waitlist of more than 25,000 sign-ups.
How the platform works
Users complete KYC and fund accounts in rupees through UPI. They can take long or short positions through perpetual futures linked to US company prices. Margin and profit and loss are shown in rupees, with no US brokerage account required.
Mochatrade plans to add contracts linked to select pre-IPO companies. It also plans to offer US stock options and social trading features. These additions are subject to applicable laws and regulatory approvals.