ShowPay, a global cryptocurrency payment platform, has closed $1.5m in funding to support the development of its MetalD solution.
The capital injection was led by Jinghe Investment, with additional support coming from unnamed venture firms.
This funding will be used to aid the research and development of its distributed ID service MetalD, expanding its team, and establishing a non-profit fund to promote the adoption of MetalD.
Founded in 2019, the China-based FinTech is a cryptocurrency payment system that enables users to spend their digital assets, including Bitcoin, Libra and BTC. The company also offers cryptocurrency point of sale terminals to allow merchants to accept digital assets in their physical stores.
China has established a strong FinTech ecosystem. Since 2015, around $63bn has been invested into FinTechs in the country, with the majority of the funding going to companies within the payments and remittance space.
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