Baanx raises $20 million from Ledger and Tezos to redefine cryptocurrency payments
Posted: March 5, 2024 7:43 AM Updated: March 5, 2024 7:43 AM
Correction and fact check date: March 5, 2024, 7:43 a.m.
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Baanx has raised $20 million to expand its cryptocurrency payment services in the U.S. and Latin American markets.
Crypto payments company Baanx (BXX) has raised $20 million in a Series A funding round led by Ledger, Tezos, Chiron, and British Business Bank. The newly raised funds will be allocated to expand services in the United States and Latin America throughout the year. This capital injection brings Baanx’s total funding to over $30 million.
Baanx operates its card product in partnership with Ledger, a cryptocurrency hardware wallet manufacturer that offers a Baanx-based prepaid cryptocurrency debit card as part of its product.
“Over the past 12 months, we have been building a series of non-custodial, on-chain products to create a new type of cryptocurrency payment. “We hope to power the next generation of cryptocurrency payments by giving users full control of their funds while enabling real-world spending,” said Simon Jones, Chief Commercial Officer at Baanx.
The company is authorized by the Financial Conduct Authority (FCA) and recently signed a three-year partnership with Mastercard for operations in the UK and European Union.
Baanx provides users with utility token BXX for various purposes including spending, saving, purchasing, holding, to obtain interest-free overdrafts and credit cards. Following the announcement of the investment, BXX price surged around 8% in the last 24 hours, according to data from CoinMarketCap.
Baanx Pioners connectivity simplifies cryptocurrency payments
Founded in 2018, Baanx is a payments company that partners with digital asset corporate brands to provide cryptocurrency services. Recognized for its interest-free secured lending and high-interest savings options for staking digital assets, Baanx also facilitates global remittances and enables consumption of digital assets through Visa, China Union Pay and other cards. The company’s current user base exceeds 150,000.
Large payments companies such as Mastercard and Visa have been exploring payments on Ethereum, stablecoins, and Web3 non-custodial wallets in recent years. Payment cards can help wallet providers grow their active user base, increase loyalty, and generate additional revenue streams, while giving cardholders the convenience of tapping into their cryptocurrency balances for spending.
Last year, Mastercard announced that its Engage program would focus on introducing new cryptocurrency card programs to the market. At the same time, Visa has been working with stablecoin USDC and the Solana blockchain to explore solutions that facilitate cross-border payments while also streamlining processes, such as resolving issues related to paying Ethereum gas fees.
However, in this area, Baanx provides easy connectivity. Additionally, the new investment will position the company as a dynamic player driving the next wave of cryptocurrency payments in the evolving digital financial landscape.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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