Baanx Raises $20 Million in Series A Funding

Baanx’s recent $20 million Series A fundraising round led by Ledger, and others will be used to expand Baanx’s operations in Latin America and U.S.

Ledger, Tezos, Chiron, and the British Business Bank spearheaded a $20 million Series A fundraising round for the cryptocurrency payments startup Baanx (BXX). Throughout the year, the recently raised money will be used to extend the organization’s activities in Latin America and the United States. Baanx now has more than $30 million in total funding thanks to this most recent financial infusion.

In collaboration with Ledger, a producer of bitcoin hardware wallets, Baanx manages the card product and offers a prepaid debit card powered by Baanx as one of its products.

We have been developing a number of non-custodial, on-chain products over the last 12 months, introducing a novel form of cryptocurrency payment. We want to drive the next wave of cryptocurrency payments by giving users complete control over their money and facilitating real-world spending,” stated Simon Jones, Chief Commercial Officer of Baanx.

The business just signed a three-year agreement with Mastercard to conduct business in the UK and the EU. It is approved by the UK Financial Conduct Authority (FCA).

Users can spend, save, buy, and hold BXX utility tokens from Baanx to receive interest-free secured overdrafts and credit cards, among other uses. According to CoinMarketCap data, the price of BXX increased by about 8% in the last day following the announcement of the investment.

Baanx Pioners Integration to Streamline Cryptocurrency Transactions

Baanx is a payments company that was founded in 2018 that provides bitcoin services in partnership with corporate brands that own digital assets. Known for its interest-free safe lending and high-interest savings plans for staking digital assets, they also makes international money transfers easier and permits using Visa, China Union Pay, and other credit cards to make purchases with digital assets. At the moment, the company has more than 150,000 users.

In recent years, major payment processors such as Visa and Mastercard have begun investigating payments on Ethereum, stablecoins, and the Web3 realm of non-custodial wallets. Payment cards give cardholders the convenience of using their bitcoin balance for purchases while also helping wallet providers grow their active user base, reward loyalty, and generate new revenue sources.

Mastercard declared last year that the goal of its Engage initiative will be to bring new cryptocurrency card programs to the market. Visa has been working in tandem with the stablecoin USDC and the Solana blockchain to enable cross-border payments while looking into ways to improve workflow, like taking care of issues with Ethereum gas payments.

But Baanx provides easy connectivity in this space, and with this fresh financing, the firm plans to establish itself as a major force behind the next wave of cryptocurrency payments in the rapidly changing world of digital banking.