Web3 payment and fiat currency aggregator Transak has completed a $20 million Series A funding round, led by CE Innovation Capital and with participation from SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus and The Lao, as well as angel investors Jan Hammer (Index Ventures), Charles Delingpole (ComplyAdvantage) and Sandeep Nailwal (Polygon). The funding will be used to strengthen Transak’s global coverage and enhance the development of its Web3 On-Ramp solution, with a focus on the development of Web3 games and financial applications.
In early 2020, Transak launched its On-Ramp solution, abstracting away the complexity of user KYC, risk monitoring, compliance, payment methods and customer support. In 2022, it expanded its product line, launching an Off-Ramp solution for cryptocurrency-to-fiat transactions, Transak One for fiat-to-smart-contract operations, and a dedicated fiat-to-NFT settlement solution.
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