The Financial Conduct Authority (FCA) of the United Kingdom has authorised Baanx as a cryptocurrency payments specialist. The firm announced on Tuesday that it has raised a $20 million Series A fundraising round.
Ledger, Tezos, Chiron, and British Business Bank were among the investors in the financing round, which increased the cryptocurrency payment enabler’s total funding to over $30 million. Recently, Mastercard and London-based Baanx, the company behind the Ledger card product, agreed to a three-year cooperation for the U.K. and Europe.
Subtle experiments with Ethereum payments, stablecoins, and the Web3 realm of non-custodial wallets have been conducted by major legacy payment institutions like Visa and Mastercard. Baanx offers smooth integration in these domains.
Chief Commercial Officer Simon Jones stated in an interview that “we have been building out a series of non-custodial, on-chain products, creating a whole new type of crypto payment” during the last 12 months. “We aim to power the next generation of crypto payments by giving the user complete control over their funds and enabling real-world spend.”
Later this year, Jones said, the money will enable the company to launch its services in the United States and Latin America. The business has a native BXX token and more than 150,000 users.