London-based crypto payments firm Baanx has raised $20 million in its Series A funding round, a move that signals its growing prominence in the crypto payments sector. Led by notable entities including Ledger, the Tezos Foundation, Chiron, and the British Business Bank, this strategic investment elevates Baanx’s total funding to over $35.3 million.
In Jan 2022, the U.K.’s Financial Conduct Authority (FCA) awarded FCA license to Baanx paving the way for it becoming a pioneering player in the crypto payments space. Known for managing the Ledger card product, Baanx has solidified a three-year partnership with Mastercard, targeting the U.K. and European markets. This collaboration reflects the increasing interest of traditional financial giants like Mastercard and Visa in cryptocurrencies, stablecoins, and the innovative Web3 ecosystem.
In an interview, Baanx’s Chief Commercial Officer, Simon Jones, emphasized the company’s focus on building non-custodial, on-chain products, providing users with full control of their funds while enabling real-world spending. This approach aligns with the broader objectives of the Tezos Foundation, which aims to foster innovation and adoption within the blockchain and crypto spaces.
The infusion of funds from the Series A round is earmarked for significant expansion, with Baanx gearing up to launch its services in the United States and Latin America later this year. With a user base already surpassing 150,000, Baanx is poised to redefine the landscape of crypto payments, offering seamless connectivity and innovative solutions.
The partnership with Ledger, a leading crypto hardware wallet manufacturer, further strengthens Baanx’s position in the market. By combining payment solutions with secure storage options, Baanx not only enhances the utility of the Ledger card but also makes cryptocurrency payments more accessible and appealing to a broader audience.
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