Latest news with #SamiStart
Yahoo
4 days ago
- Business
- Yahoo
Transak Raises $16M From IDG Capital, Tether to Scale Stablecoin Payment Network
Web3 payments infrastructure firm Transak has raised $16 million in a strategic funding round co-led by IDG Capital and Tether. The company plans to use the funds to expand its stablecoin payments stack and enter new markets. The funding round comes at a time in which the stablecoin sector has been growing exponentially. DeFiLlama data shows in early 2024 it has a $130 billion market capitalization, which has since more than doubled to $270 billion. Transak says nearly 30% of its more than $2 billion in processed transactions originates from stablecoin flows. The company's CEO and co-founder Sami Start said in a press release shared with CoinDesk that scaling stablecoin adoption requires more than liquidity. 'Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,' Start said. 'But making them usable at scale requires more than just liquidity,' he added. Tether's participation in the funding round is notable. The company's flagship stablecoin, USDT currently accounts for more than 60% of the total market, DeFiLlama's data shows. The stablecoin issuer has been putting its dominance to use, investing in various ventures including Spanish crypto exchange Bit2Me, Italian football club Juventus, major Latin American producer Adecoagro, blockchain forensics firm Crystal Intelligence, YouTube competitor Rumble, and gold-focused investment firm Elemental Altus. Transak's funding round also saw participation from Primal Capital, 1kx, Protein Capital, Fuel Ventures, and others. The transaction was advised by FT Partners. The company highlighted it holds licenses in multiple jurisdictions, including the United States (FinCEN), United Kingdom (FCA), European Union (VASP), Canada (FINTRAC), Australia (AUSTRAC) and India (FIU-IND).Sign in to access your portfolio
Business Insider
4 days ago
- Business
- Business Insider
Transak Raises $16M Strategic Round from Tether and IDG Capital to Scale Stablecoin Payments Infrastructure
Transak, a global leader in fiat-to-crypto infrastructure, has raised $16 million in strategic funding to expand its stablecoin payments stack and scale operations across new markets. The round was led by Tether and IDG Capital, with participation from several other top-tier investors. With stablecoins rapidly becoming the transaction layer of the internet, powering remittances, payments, savings, and cross-border commerce, the next phase of adoption depends on compliant, localized, and developer-friendly infrastructure. Transak is at the center of this shift. 'Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,' said Sami Start, Co-Founder and CEO of Transak. 'But making them usable at scale requires more than just liquidity. It takes real infrastructure: compliance systems, KYC, fraud prevention, banking partnerships, and deep crypto market knowledge. That's exactly what we've built, and this round helps us scale it globally.' Trusted by over 450 applications, Transak enables users in more than 75 countries to move between fiat and stablecoins through local payment methods, bank transfers, cards, and virtual IBANs, all via a single API. The company has processed over $2 billion in transaction volume, with nearly 30 percent coming from stablecoin flows, and supports both retail and institutional use cases. 'Transak has built a robust and innovative platform that is making stablecoin access simpler, faster, and more reliable for people around the world,' said Paolo Ardoino, CEO of Tether. 'We believe stablecoins are rapidly becoming the backbone of digital payments, offering stability and efficiency that traditional systems often lack. By providing the critical infrastructure needed to support this transformation, Transak is accelerating adoption across both emerging and developed markets, bridging gaps in financial access, and enabling new opportunities for businesses and consumers alike.' Transak's platform combines regulated fiat on and off ramps, virtual bank accounts, real-time liquidity routing, and full-stack compliance tooling. This allows any app, whether a wallet, exchange, fintech, or DeFi platform, to offer seamless fiat to stablecoin conversion without handling the operational complexity themselves. The company holds regulatory approvals in key jurisdictions including the United States, United Kingdom, European Union, Canada, Australia, and India. Expansion into the Middle East, Latin America, and Southeast Asia is actively underway. The $16 million round also included participation from Primal Capital, 1kx, Protein Capital, CEiC, KX VC, 3KVC, Genting Ventures, Fuel Ventures and Umami Capital. Financial Technology Partners (FT Partners) served as Transak's exclusive financial and strategic advisor on this transaction, supporting the company through a strategic and highly selective raise About Transak Transak is the payments infrastructure for stablecoins and crypto. With its Virtual Account APIs and compliance-ready rails, Transak enables apps to onboard users, facilitate cross-border payments, and support multi-party payment flows, natively within their platforms. Integrated by 450+ apps and used by over 10 million users globally, Transak powers fiat-to-crypto and crypto-to-fiat transactions through bank transfers, cards, local payment methods, and stablecoins. Transak operates globally, with a base in Miami and offices in London, Bengaluru, Dubai, and Hong Kong.
