Baanx Secures $20 Million from Ledger, Tezos and other prominent firms
The London-based crypto payments firm's is working with Ledger on a pre-paid digital assets debit card aimed for mainstream adoption
March 5, 2024 01:18 PM
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TL;DR London-based crypto payments firm Baanx has announced a successful $20 million Series A funding round led by prominent entities, including Ledger, Tezos, and the British Business Bank. This strategic financial infusion is earmarked for Baanx's ambitious expansion into the U.S. and Latin America. Baanx's total funding has surged past the $30 million mark after this round.
Baanx, a U.K. Financial Conduct Authority-authorized crypto payments company, has successfully closed a $20 million Series A funding round.
The round saw significant contributions from Ledger, a renowned manufacturer of crypto hardware wallets; Tezos, a major blockchain platform; Chiron; and the British Business Bank.
Ledger, apart from leading the funding round, collaborates with the payment startup to offer a Baanx-powered pre-paid crypto debit card, bringing crypto payments closer to mainstream usability.
This partnership exemplifies the synergies being explored and exploited within the crypto ecosystem, aiming to enhance user experience and adoption.
This funding represents a crucial milestone for Baanx, bolstering its total raised capital to over $30 million and setting the stage for its next phase of growth.
The $20 million injection is earmarked primarily for Baanx's expansion into the United States and Latin America.
This move signifies Baanx's ambition to tap into these vibrant markets, promising a significant leap in its operational footprint and user base. With a strategic focus on these regions, Baanx is poised to introduce innovative crypto payment solutions to a broader audience.
Baanx has also fortified its position in the European market through a three-year partnership with Mastercard. This collaboration in the U.K. and Europe underscores the firm's commitment to providing secure and efficient crypto payment solutions, further establishing Baanx as a formidable player in the fintech space.
Amid these developments, Baanx's token, BXX, has witnessed an approximate 8% surge over the past 24 hours. This uptick reflects the market's positive reception to Baanx's recent achievements and future prospects.
As Baanx continues to navigate the rapidly evolving crypto landscape, its recent funding round and strategic partnerships underline the confidence investors and industry stakeholders have in its vision and capabilities.
