“Transak Plans to Use the Funds to Expand Its Stablecoin Payments Stack and Enter New Markets, The Company SAID.”, – WRITE: www.coindesk.com
The FUNDING ROUND MOVES AT AME IN WHICH The STABLECOIN Sector Has Been Growing Exponentilly. Defillama Data Shows in Early 2024 IT HAS A $ 130 Billion Market Capitalization, Which Has Since More Than Doublde 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 REQUIRS 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 lac. 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 Jurisdices, Including The United States, United Kingdom (FCA), European Union (Vasp) (Fiu-ind).
Read More: Tether-Focused Blockchain Stable Raises $ 28m to Power Stablecoin Payments
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The Company Already Owned About $ 5 Billion Wrtho of the World’s Second-Largest Crypto.
- Bitmine Immersion Technology Plans to Raise $ 20 Billion More Through Stock Sales to Buy Additional Eth, Accounting To a Sec Filing.
- Bitmine Aims to Acquire 5% of the Total Ether Supple and Has Accuumulated Almost $ 5 Billion in Eth As of August 10.
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