A Richmond-based startup company is preparing to scale up its business after getting funding from Virginia’s Center for Innovative Technology.
The startup, RoundlyX, founded in 2017 by Will Trible and Andrew Elliott, is a digital asset wealth management platform. That means the company provides an online tool for people to invest in assets commonly referred to as “cryptocurrency,” such as Bitcoin.
The founders prefer to avoid the cryptocurrency label and instead refer to alternative classes of currency such as Bitcoin as “digital assets.”
“We wanted to bring a mainstream brand to digital assets,” Elliott said. “It is all about providing responsible investing tools, curated content and vetted services to folks that are interested in digital assets.”
Formerly known as Coin Savage, RoundlyX operates within a sector called “fintech,” for financial technology. The startup offers a mobile tool that enables its users to invest in several different digital asset portfolios such as Coinbase and Voyager.
“We see — and CIT agrees — a massive opportunity in being an early leader in this emerging asset class,” Elliott said.
The company’s electronic tool links the RoundlyX platform to a user’s debit or credit card, and it rounds up their everyday purchases to the nearest dollar, putting that extra money into an investment portfolio that could be Bitcoin, or a diversified portfolio of many more digital assets.
If, for instance, someone makes a $1.90 purchase with a debit card, RoundlyX will automatically round that up to $2 and put 10 cents into the investment portfolio.
The founders say those investments in digital assets can be part of a diversified portfolio of investments that include traditional stocks and bonds.
“Digital assets are becoming more and more mainstream, because over time, people are learning more and more about the utility of the asset class,” Elliott said.
RoundlyX has several thousand users, the founders say, and the company is handling several thousand dollars a day in orders. “That is a lot of spare change,” Elliott said. “It goes to show the magnitude of how many people are involved to generate that type of volume. We are still on track to be doing 10 times that, roughly by the end of the year.”
The investment by Virginia’s Center for Innovation Technology will help the company expand its service, including into Europe, the founders said.
“Very soon — this summer — you will be able to connect whatever European or UK bank you have, and round up your spare change into digital assets in Europe,” Elliott said. “The thing about digital assets is they are a borderless asset class.”
CIT did not disclose the amount of its investment.
“You don’t need to be a cryptocurrency expert to invest responsibly, and dollar cost averaging is a proven, responsible strategy to build a digital asset portfolio,” said Alex Euler, investment director at CIT GAP Funds. “RoundlyX has an experienced, innovative leadership team with a strong vision to build a global, full spectrum digital asset financial services platform.”
Elliott said the investment by CIT, which supports early stage companies in Virginia, shows there is a future in digital assets.
“It is a huge vote of confidence in our team and a huge vote of confidence in the market we are pursing,” he said.