Transak Secures $16 Million Funding to Expand Stablecoin Payment Infrastructure
Transak, a Web3 payments infrastructure firm, has secured $16 million in a funding round co-led by IDG Capital and Tether. The funds will be used to enhance its stablecoin payment systems and expand into new markets.
Key points from the funding round:
- The stablecoin sector's market capitalization rose from $130 billion to $270 billion.
- Nearly 30% of Transak's over $2 billion in processed transactions come from stablecoins.
- Tether’s USDT dominates the stablecoin market, accounting for over 60% of the total.
- Transak holds licenses across multiple jurisdictions, including the US, UK, EU, Canada, Australia, and India.
Additional investors included Primal Capital, 1kx, Protein Capital, and Fuel Ventures. The transaction was advised by FT Partners.