The Baanx company, which specializes in cryptocurrency payments, raised financing for $20 million.
The mentioned funds were received by the firm following the results of the Series A financing round. According to media reports, the company will use the raised investments to implement efforts to introduce its services in the United States and Latin American countries.
Over the past 12 months, Baanx has developed a series of non-custodial, on-chain products. The company’s announced proposals form a fundamentally new type of crypto payment. Media reports that the firm intends to introduce the next generation of the specified category payment transactions, giving consumers full control over funds and the ability to spend digital currency in the real world.
After the latest round of financing, Baanx, based in London, raised its total investment exceeding the $30 million mark. The firm received money from Ledger, Tezos Foundation, Chiron, and British Business Bank.
The financing of the company takes place as the popularity of the cryptocurrency market grows. Currently, the price of bitcoin is at an all-time high after the downturn, which lasted several months.
Virtual asset storage is one of the areas where credit unions engage in digital innovation. In this case, members of the mentioned unions are provided with secure options for managing cryptocurrencies, blockchain technology, and several new-generation assets. Such solutions expand the range of financial products and services. Moreover, as part of the implementation of new offerings, consumers get access to convenient and reliable digital asset management mechanisms in the trusted structure of credit unions.
It is worth noting that there is currently a growing trend in demand for virtual assets. In October last year, about 30% of consumers in the United States owned cryptocurrency. At the same time, the number of those who own virtual assets among members of American credit unions increased by 2% last year. The indicator of the global market capitalization of the cryptocurrency is approaching the historical mark of $1 trillion.
Lou Grilli, senior innovation strategist at PSCU, during the conversation with media representatives about the growing consumer interest in digital currency, contrasted this trend with a decrease in the number of financial institutions ready to provide cryptocurrency services. According to him, the incredible fluctuations in value that generated interest in the new generation currency and became its specific feature have already been flattened out. Lou Grilli says that virtual money over time has become more like holding something stable, such as gold, as an alternative investment. In this context, he noted the advantages of cryptocurrencies in countries where high inflation is recorded and devaluation of national currencies is observed.
For credit unions, the broader integration of digital currencies is becoming the main strategy aimed at maintaining competitive advantages and providing innovative services to their members. Virtual money satisfies the needs of trust, convenience, and conflict-free experience.
As we have reported earlier, Neobank Monzo Raises $430 Million.
