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Blockchain Remittance Company Wind.App Raises US$3.8M

Singaporean blockchain remittance firm, Wind, has secured $3.8 million in a recent funding round.

Global Founders Capital and Spartan Group spearheaded the Pre-Seed financing, joined by Saison Capital, Alumni Ventures, and Tiny VC.

Working on Polygon, Wind does not hold customer funds, letting users independently manage their assets.

Its transaction fees, under 0.3% of the user’s transaction value, position it as a cost-effective choice.

For reference, typical remittance fees can range from 2-5%.

Launched since 2022, Wind.app has facilitated a annualised gross transaction volume (GTV) exceeding $3 million.

In September, it garnered support from the XRP Ledger accelerator program, a joint initiative by Tenity and Ripple.

The platform has developed its own fiat and crypto onramp and offramp.

Wind identifies its direct competition as remittance players like Payoneer and Transferwise.

Unlike their business model, however, Wind leverages blockchain for settlements, resulting in lower fees.

The platform’s self-custodial wallet also streamlines the account opening process by eliminating the need for advanced KYC checks.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.