Transak said to close $660,000 seed round

Transak, which has built a fiat-to-crypto gateway, has reportedly raised $660,000 in its seed round.

The capital injection was backed by Consensys, The Lao, IOSG, Lunex, Koji Capital and other angel backers, according to a report from Your Story.

Funds from the round will be used grow its operations, partnerships and its team. The platform is available in over 60 countries and the company hopes to reach more by the end of the year.

Transak offers a single integration for applications to accept fiat-to-crypto deposits and withdrawals.

In a joint statement, Transak co-founders Sami Start and Yeshu Agarwal told Your Story, “We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs on and off-ramps to make the crypto world accessible to all.

“The company is excited to acquire fresh Indian talent, which is known to be exceptional across the globe and are dedicated to building a strong team in the country to take over the Indian operations. We are highly motivated to ease the friction in the global crypto market and take decentralised finance mainstream.”

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