Web3 Payments Company Transak Secures $20 Million in Funding

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Web3 payments startup Transak has secured $20 million in a Series A funding round, with CE Innovation Capital, an early-stage venture capital firm, leading the investment. The raised capital will fuel the company's ongoing global expansion efforts and support the development of onboarding solutions, specifically tailored for Web3 games and financial applications. These details were shared in a press release provided to CoinCryptoUs.

The crypto industry widely acknowledges the significance of onboarding Web2 users into Web3, as it is seen as the key to unlocking the next billion users in the Web3 space. Nevertheless, Web3 faces a prevalent challenge with its user interfaces, which often feel cumbersome and unfamiliar to many Web2 users. To address this issue, an increasing number of infrastructure projects are actively working towards enhancing the user experience and making it more seamless and intuitive for Web2 users.

The company mentioned that by integrating Transak's payment and onboarding infrastructure, a Web3 platform can provide a more seamless experience for Web2 users when it comes to buying and selling crypto assets. Transak takes care of various aspects such as Know Your Customer (KYC) requirements, risk monitoring and compliance, payment methods, and customer support. Their product suite includes the necessary on- and off-ramps for converting fiat currency to and from cryptocurrencies, a fiat-to-smart contract solution called Transak One, and a checkout option for converting fiat to non-fungible tokens (NFTs).

Transak, founded in 2019 by CEO Sam Start and CTO Yeshu Agarwal, offers a comprehensive range of services. With a global reach, Transak facilitates onboarding from over 150 countries and supports transactions involving more than 160 cryptocurrencies across over 75 blockchains. Prominent industry players such as MetaMask, Coinbase Wallet, and the open-source liquidity protocol Aave have recognized the value of Transak's solutions and integrated them into their platforms. This demonstrates the widespread adoption and trust in Transak's capabilities within the cryptocurrency ecosystem.

Transak is officially registered as a crypto asset firm under the jurisdiction of the Financial Conduct Authority (FCA) in the United Kingdom. Moreover, it holds the esteemed recognition as a virtual asset service provider (VASP) in Poland. With aspirations of expanding its reach, the company has set its sights on obtaining further licenses and establishing a prominent presence in other regions, with a particular focus on the Middle East and the Asia-Pacific region.

The funding round also attracted support from an impressive roster of investors, including SBI Ven Capital, Sygnum, Azimut, Third Kind Venture Capital, UOB Venture Management, Signum Capital, Animoca Brands, Genting Ventures, Istari Ventures, No Limit Holdings, Woodstock Fund, IOSG Ventures, KX, Axelar, Tokentus, and The Lao, among a host of others.