Payment firm Transak announced a $20 million Series A funding round led by CE Innovation Capital. SBI Ven Capital invested in the round together with investment partners digital asset bank Sygnum and Italian fund manager Azimut. UOB Venture Management and Animoca Brands also invested alongside many others.
Transak provides a crypto on and off-ramp directly built into wallets and web3 smart contract applications like lending protocol Aave. It links to numerous local fiat payment methods and supports 150 countries. For example, the Coinbase wallet uses Transak for local payment methods in the Philippines and Thailand. It also has integrations with Trust Wallet, Ledger, and Decentraland among 350 web3 applications.
The Transak solution is KYC compliant and has registrations with the UK and Polish (EU) regulators. With the latest funding, it plans to add several more licenses.
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