London, UK, 30 May 2022: Merge has secured US $9.5 million in a seed round to build further its API-based banking and payments platform, which bridges the fiat and crypto worlds.
Merge is a solution to the problem that many crypto companies confront in terms of being able to scale.
Traditional financial services can be accessed without the high costs and limited functionality traditionally associated with them. Connected with these products and services, Octopus Ventures led the investment, including Hashed, Coinbase Ventures, and Alameda Capital.
Research and Ethereal Ventures and a group of angel investors that comprised some of the industry’s most prominent names, Aave’s founder, Polygon’s co-founder, and the CEO of Polygon are all well-known figures in both crypto and crypto traditional finance.
Ledger and the former CEO of Barclays Consumer Banking are among other notable investors.
What the investors have to say:
Zihao Xu, the investor at Octopus Ventures, commented:
“As the crypto economy becomes more mainstream, it’s becoming evident that the current financial infrastructure isn’t up to supporting the rapid growth of crypto-native enterprises, and many providers aren’t sufficiently specialized to assess risk.
Merge’s mission is to create the infrastructure that will allow crypto businesses to operate without fear of authorities or third-party risk teams shutting them down. We’re pleased to support them as they develop it and, in turn, unleash even more innovation in crypto and defi”.
Baek Kyoum Kim, partner at Hashed, said:
“The exponential expansion of crypto companies has resulted in a huge increase in CeFi and DeFi assets under management, giving us strong confidence in Merge as their infrastructure supplier. Institutional players will inevitably seek a dependable compliance infrastructure, and Merge is the only one-stop-shop that caters to their specific requirements.”
About the company:
The web3 economy is expected to be worth USD 1 trillion. Yet, tier 1 banks consider crypto enterprises to be high-risk, and digital payment providers lack the range of products and services and worldwide coverage that crypto and web3 businesses require to expand and scale.
Former PayPal and Barclays executives Kebbie Sebastian and former Coinbase and Luno executives have agreed to offer the answer. Merge will offer crypto and web3 enterprises a smooth way to hold and move fiat cash, convert between fiat and crypto, and handle compliance through a simple-to-use API.
Merge lowers the cost and complexity of embedding financial services for cryptocurrency businesses and the strain of maintaining different integrations and global licensing needs.
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