Coinbase and SoftBank Help Fund Brazilian Crypto Firm

Vinícius Andrade, Bloomberg News

A monitor displays Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021. Coinbase Global Inc., the largest U.S. cryptocurrency exchange, is set to debut on Wednesday through a direct listing, an alternative to a traditional initial public offering that has only been deployed a handful of times. Photographer: Michael Nagle/Bloomberg , Bloomberg

(Bloomberg) -- A Brazilian money management firm focused on cryptocurrencies said it raised about $26 million of new funding from investors including SoftBank Group Corp. and Coinbase Global Inc.

Hashdex Gestora de Recursos Ltda said a bulk of the funds came from venture capital firm Valor Capital Group, with SoftBank and Coinbase Ventures, an arm of the U.S.’s biggest cryptocurrency exchange, also participating. Others included Brazil’s Igah Ventures, Globo Ventures and Canary.

Hashdex, founded in 2018 by former Microsoft Corp. executive Marcelo Sampaio and Bruno Caratori, earlier this year launched Hashdex Nasdaq Crypto Index Fundo de Indice, the first crypto exchange-traded fund in Brazil’s local exchange. The firm is based in Rio de Janeiro and has about 4 billion reais under management.

“Investors are still getting to know crypto and we see room to offer more products in Brazil,” Sampaio, the chief executive officer at Hashdex, said in an interview.

Hashdex plans on opening new offices outside Brazil, with headcount expected to rise from 25 to as much as 100 by the end of the year, Sampaio said.