Transak Raises $16M from IDG Capital, Tether to Scale Stablecoin Payment Network
Main Idea
Transak raised $16 million in a funding round co-led by IDG Capital and Tether to expand its stablecoin payments infrastructure and enter new markets.
Key Points
1. Transak secured $16 million in strategic funding from investors including IDG Capital and Tether.
2. The company plans to use the funds to scale its stablecoin payments stack and expand into new markets.
3. Stablecoins account for nearly 30% of Transak's over $2 billion in processed transactions.
4. CEO Sami Start emphasized that stablecoins are now key for global value transfer, requiring more than just liquidity.
5. The funding round also included participation from Primal Capital, 1kx, Protein Capital, and others.
Description
Web3 payments infrastructure firm Transak has raised $16 million in a strategic funding round co-led by IDG Capital and Tether. The company plans to use the funds to expand its stablecoin payments stack and enter new markets. The funding round comes at a time in which the stablecoin sector has been growing exponentially. DeFiLlama data shows in early 2024 it has a $130 billion market capitalization, which has since more than doubled to $270 billion. Transak says nearly 30% of its more than $2 bi...
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