By
Temitope Olatunji
April 26th, 2024
Baanx plans to expand its footprint outside the UK market to the United States and Latin America later this year at an undisclosed date.
Blockchain payment firm Baanx has secured $20 million in a seed funding round from leading venture capital firms and investment companies. The funding is aimed at fueling Baanx’s efforts to advance the next generation of crypto payments.
The company, headquartered in London, United Kingdom, is registered under the country’s Financial Conduct Authority (FCA) to legally operate in the region in compliance with local regulations.
Baanx Plans to Enter the US Market
According to a CoinDesk report, citing an interview with Baanx’s chief commercial officer Simon Jones, the seed funding round attracted participation from prominent financial services firms such as Ledger, Tezos, Chiron, and the British Business Bank. The company has previously conducted three fundraisings, which were supported by Tezos and other financial institutions, as well as the West European Government. The latest round brought its total funding to over $30 million.
Baanx plans to expand its footprint outside the UK market to the United States and Latin America later this year at an undisclosed date. The planned expansion will position the firm in direct competition with payment platforms such as BitPay and CoinPayments, which are already based in the US.
Full Control of Assets
The company is in the business of connecting the traditional finance system with the world of the crypto economy by serving as a bridge between both ecosystems. Baanx offers solutions that connect fintech companies with blockchain protocols such as Bitcoin (BTC) and Ethereum (ETH), making it easier for firms like Mastercard and Visa to explore and potentially adopt the emerging economy.
Jones said the firm has been working to increase its product offerings over the last 12 months. Baanx, which also has its native crypto named BXX, now boasts various non-custodial and on-chain products, giving users full control of their assets. “Over the past 12 months, we have been building out a series of non-custodial, on-chain products, creating a whole new type of crypto payment. Allowing the user full control of their funds whilst enabling real-world spend, we hope to power the next generation of crypto payments,” he said.
Partnering with Mastercard for Innovation
In a bid to bolster its presence in the cryptocurrency industry, Baanx has been actively pursuing strategic partnerships and innovations. Last year, the company secured a significant three-year partnership with Mastercard. This collaboration is poised to enhance Baanx’s service offerings in the UK and Europe.
One of the key outcomes of the collaboration is the introduction of crypto-card programs into the traditional financial market. These programs will facilitate seamless fiat-to-crypto transactions, bridging the gap between traditional and digital currencies.
Currently, Baanx operates the Ledger card product, further solidifying its position in the blockchain payment space.