- Octopus adventures led the $ 9.5 million seed round for Merge, a banking and payment platform for cryptocurrency and web companies3
- Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures also participated in the round
- Other investors included the founder of Aave, co-founder of Polygon, CEO of Ledger, former CEO of Consumer Banking at Barclays among other major angel investors
Merge raised $ 9.5 million in a seed round to develop its API-based banking and payment platform, bridging the gap between fiat and crypto ecosystems.
Merge faces the struggle that many companies in the cryptocurrency economy face in order to access traditional financial services without the hefty fees and poor functionality that are usually associated with these services.
The round was led by Octopus Ventures and included Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, along with angel investors that included some of the biggest names in both cryptocurrency and traditional finance; the founder of Aave, co-founder of Polygon, CEO of Ledger and former CEO of Barclays Consumer Banking, among other major investors.
The web economy3 is estimated to represent a $ 1 trillion market opportunityhowever crypto assets are perceived as high risk by tier 1 banks and continue to be underserved by digital payment service providers who lack the range of products and services, as well as the global coverage that crypto and web3 companies need to be able to grow and scale.
Zihao Xu, investor at Octopus Ventures, commented: “As the crypto economy moves more and more into the mainstream, it is increasingly clear that the current financial infrastructure is not suitable to serve the rapid expansion of crypto-native businesses and many suppliers are not specialized enough to measure risk.
Kebbie Sebastian, a former PayPal and Barclays executive, along with former executives from Coinbase and Luno, have teamed up to offer the solution. Merge will provide crypto and web3 companies with an easy way to hold and transfer fiat funds, convert between fiat and cryptocurrencies, and manage compliance, all within its easy-to-integrate API.
“Merge’s vision is to build the infrastructure needed to allow cryptocurrency firms to operate without fear of closure by regulators or third-party risk teams. We are thrilled to support them as they build it and, in Ultimately, they unleash even more innovation in cryptocurrencies and defi.
– Zihao Xu
Baek Kyoum Kim, partner of Hashed, added: “The exponential growth of cryptocurrency startups has evidently led to a dramatic increase in CeFi and DeFi assets under management, giving us strong confidence in Merge as an infrastructure provider for such institutions. institutions will naturally look for a reliable compliance infrastructure, and Merge is the only one-stop solution that specifically meets their needs. “
Through a single API, Merge provides crypto and web3 companies with a range of banking and payment solutions that allow them to instantly create bank accounts, send payments and seamlessly convert funds between fiat and cryptocurrencies.
Merge reduces the cost and complexity of embedding financial services for cryptocurrency companies, while reducing the burden of managing multiple integrations and global licensing requirements.
For more information visit www.mergedup.com
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Merge Holdings Secures £ 7.53m Seed Investment Led by Octopus Ventures – UK Technology Investment News
Source link Merge Holdings Secures £ 7.53m Seed Investment Led by Octopus Ventures – UK Technology Investment News