Baanx Secures $20 Million Investment from Ledger and Tezos to Revolutionize Cryptocurrency Payment Solutions
In Brief
Baanx has successfully raised $20 million to broaden its reach in the cryptocurrency payment sector across the United States and Latin America.
Cryptocurrency payments company Baanx (BXX) has secured $20 million through a Series A funding round, led by Ledger, Tezos, Chiron, and the British Business Bank. This newly acquired capital will be utilized to enhance their services in the US and Latin American markets over the coming year. Following this funding round, Baanx's total funding has now exceeded $30 million.
Baanx operates its card services in collaboration with Ledger , a manufacturer of cryptocurrency hardware wallets that includes a prepaid Baanx-driven cryptocurrency debit card as part of its offerings.
"In the past year, we've developed a series of non-custodial, on-chain solutions aimed at pioneering a novel form of cryptocurrency payments. Our goal is to provide users with complete control over their funds while facilitating real-world spending. We aspire to lead the evolution of cryptocurrency payment solutions,\" stated Simon Jones, the Chief Commercial Officer of Baanx.
The company holds authorization from the United Kingdom Financial Conduct Authority (FCA) and has recently secured a three-year partnership agreement with Mastercard for its operations in both the UK and the EU.
Baanx provides users with the utility token BXX, which can be utilized for varied purposes such as spending, saving, making purchases, and holding to gain interest-free secured overdrafts and credit cards. Following the announcement of this investment, BXX's price surged by around 8% within a day, based on information from CoinMarketCap.
Baanx is Pioneering Connections to Enhance Cryptocurrency Payments
Established in 2018, Baanx is a payments firm that collaborates with brands in the digital asset sector to provide cryptocurrency services. Notably, they offer interest-free secure lending and high-yield savings options for staked digital assets, facilitate global remittances and enable digital asset spending via Visa, China Union Pay, and additional card networks. The company currently boasts over 150,000 users.
Major payment processors like Mastercard and Visa have been actively investigating cryptocurrency payments on Ethereum , stablecoins , along with the non-custodial wallet domain of Web3 over recent years. Payment cards could serve as a means for wallet providers to grow their active users, cultivate loyalty, and create extra revenue, providing cardholders with the ease of spending their cryptocurrency balance.
Last year, Mastercard announced its Engage initiative, which aims to launch new cryptocurrency card programs in the marketplace. Concurrently, Visa has been working with the stablecoin USDC and the Solana blockchain to enable cross-border payment solutions, while also looking into ways to simplify the payment process, such as managing issues related to Ethereum gas fees.
Yet, in this area, Baanx excels in providing seamless connectivity; with the influx of new investment, the firm is poised to emerge as a visionary force driving the next advancement in cryptocurrency payment solutions within the shifting landscape of digital finance.
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