Baanx, a cryptocurrency payments platform, has recently completed a successful $20 million Series A funding round.
According to Financial IT, the investment was led by an impressive consortium including Ledger, the Tezos Foundation, Chiron, and the British Business Bank. This strategic influx of capital boosts Baanx’s total funding to more than $35.3 million, setting a new precedent for growth and innovation within the FinTech sector.
At its core, Baanx is redefining the way we think about cryptocurrency payments. The company is known for managing the Ledger card product and has established a pivotal three-year partnership with Mastercard, primarily focusing on the U.K. and European markets. This collaboration underscores the growing interest from traditional financial behemoths like Mastercard and Visa in the realms of cryptocurrencies, stablecoins, and the burgeoning Web3 ecosystem.
The recent financial boon will fuel Baanx’s ambitions for broadening its market presence. The company is set to debut its services in the U.S. and Latin America later this year, making its innovative payment solutions more accessible to a global audience. Furthermore, Baanx is committed to refining its product offerings, with a particular emphasis on non-custodial, on-chain products that empower users with full control over their funds while facilitating seamless real-world transactions.
An additional layer of strategic prowess is evident in Baanx’s partnership with Ledger, a frontrunner in crypto hardware wallet manufacturing. This alliance is not just a testament to Baanx’s robust market position; it heralds a future where cryptocurrency payments are not only secure but universally accessible and user-friendly.
In a notable conversation, Baanx’s Chief Commercial Officer, Simon Jones, shared, “Our vision at Baanx is to bridge the gap between traditional finance and the crypto world. We are excited about the opportunities this funding will unlock, especially in terms of geographical expansion and product development.” This statement encapsulates the company’s forward-looking approach to integrating crypto payments into everyday life.
Previously, Baanx had secured a total funding of over $15.3 million, a figure that underscores the sustained investor confidence in the company’s mission and technological prowess.
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