CoinStats, a popular Armenian crypto portfolio manager founded in 2017, has raised $3.2 million from leading investors as it executes a pivot to enable DeFi use cases for its 1.2 million active users.

The round was led by Alex Pack’s Hack VC, with participation from a number of other funds including Mike Dudas’s 6th Man Ventures. The funding is instrumental in financing the development and promotion of CoinStats’ new killer features, which aim to expand DeFi to millions of users.

The raise comes after a phenomenal 2021 for CoinStats, which grew its user base by 8 times in 2021 to reach 1.2 million monthly active users, cumulatively tracking $500 billion worth of assets (of which $20 billion are guaranteed to exist via synchronized exchange accounts). This helped CoinStats boost revenue by 6 times in 2021, setting it up for a new product line in 2022. The platform will leverage its strength and user acquisition success to bring integrated DeFi features to its users.

The CoinStats app will enable its users to join DeFi protocols and directly place funds on them in order to earn yield. This makes CoinStats a DeFi aggregator, directing the millions of total users to the protocols listed on the app, which are curated to be the most profitable and safe opportunities in DeFi. This can help push DeFi to the mainstream as the sector remains relatively niche in terms of number of users, despite attracting billions from high-net-worth individuals.

“With the new funds we will expedite our product development and growth delivering better financial products to our users. I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward,” said Narek Gevorgyan, Founder and CEO of CoinStats.

“We’re proud to back CoinStats, the largest crypto portfolio manager app in the world. Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto,” said Alex Pack, Founder of Hack VC.