Armenian company LayerSwap, nine months after its founding, raised $1.5 million in pre-seed funding from leading crypto companies (StarkWare, Argent, ImToken, zkSync) and venture capitalists.

LayerSwap uses Bransfer to help cryptocurrency users move their assets at a low cost (on-ramp/off-ramp). Bransfer allows you to work with different cryptocurrencies with one common API, and most importantly, use the internal registry of these cryptocurrencies as a configuration layer. LayerSwap has over 10,000 active users who have already transferred over $17 million of cryptocurrency via Bransfer and LayerSwap.

The company is currently preparing for the seed phase of investments and plans to receive $7 million from the best venture funds in the crypto sector.

Over the past 10 years, the IT sector in Armenia has shown unprecedented growth, recording an average annual growth of 23%. Over the past two years, more than 20 start-up companies in Armenia have together received 700 million dollars of investment. Armenian start-ups are exempt from taxes on business, and the income tax for employees is 10%. According to 2021 data, the total turnover of IT companies operating in Armenia exceeded 1 billion dollars. As of 2021, the industry employs 29,000 professionals.