Transak Raises $16M From Tether and IDG Capital to Develop Stablecoin Payments Framework
Main Idea
Transak, a fiat-to-crypto infrastructure provider, has raised $16 million in funding led by Tether and IDG Capital to scale its global payment solutions, emphasizing the growing role of stablecoins in digital transactions.
Key Points
1. Transak secured $16 million in funding led by Tether and IDG Capital to expand its fiat-to-crypto infrastructure.
2. The company supports over 450 applications and operates in more than 75 countries with a single API, with nearly 30% of transaction volume from stablecoins.
3. Tether's CEO, Paolo Ardoino, highlighted stablecoins as the backbone of digital payments, enabling businesses and consumers with on/off-ramps and real-time liquidity.
4. Transak holds regulatory approvals in key regions like the US, UK, EU, Canada, Australia, and India, with plans to expand into the Middle East, Latin America, and Southeast Asia.
Description
A pioneering firm in the evolution from TradFi to DeFi in payments has received backing from prominent patrons to continue developing its product. Backed By Giants According to a press release shared with CryptoPotato, Transak, a leader in fiat-to-crypto infrastructure, has secured $16 million in funding to scale its operations across new markets and expand its stablecoin payments framework. The funding round was led by Tether and IDG Capital, along with a few other notable investors . As stable...
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