Sorainen has advised Salto X on raising EUR 5.2 million in a seed funding round.
The seed funding round was led by ByFounders and Blockwall, joined by New York-based Box Group, crypto fintech 3Commas, and angels including Liu Jiang and Alex Gluchkowski.
According to Sorainen, the funding will be used to introduce Incentive Tokens Plans to companies wanting to retain and recruit quality talent.
Founded in 2021, Salto X is a European fintech startup.
“Salto X is building a mechanism that gives transparent access to equity compensation to contributors regardless of geography,” Sorainen informed. “The process is streamlined via blockchain technology and contributors receive NFT certificates for the cliff period. The smart contract automatically and continuously executes token transfers upon vesting. These tokens can be cashed out in case of full or partial exit, or sold to other parties after vesting. This creates much-needed liquidity without the company needing to exit with an IPO or a sale.”
The Sorainen team was led by Senior Associate Robin Teever and included Partner Paul Kunnap and Associate Kadri Puu.
Sorainen did not respond to our inquiry on the matter.