Transak, a startup specializing in Web3 payments, has reportedly secured $20 million in Series A funding from CE Innovation Capital. The investment will support Transak’s efforts to expand its global presence by focusing on the development of onboarding solutions, financial applications, and Web3 games.
Founded by Sami Start and Yeshu Agarwal, Transak aims to provide developers with a platform to onboard users with fiat in the Web3 ecosystem. The company aims to streamline the onboarding process and simplify the complexities of KYCs by supporting over 160 cryptocurrencies across 75 blockchains.
The company is registered as a crypto asset firm with the Financial Conduct Authority (FCA) in the UK and is recognized as a virtual asset service provider (VASP) in Poland. Transak plans to obtain additional licenses and expand its presence in regions such as the Middle East, Southeast Asia, and other parts of the Asia Pacific.
CE Innovation Capital lead investor Bingze Gu praised Transak’s role in pioneering Web3 regulation. Transak’s services not only reduce barriers but actively reshape the Web3 landscape. In the world of Web3, Transak helps to transition Web2 users into the Web3 ecosystem through simplified buying and selling processes. The platform handles KYC requirements, risk monitoring, compliance, payment methods, and customer support on behalf of users.
Transak’s product suite includes on-ramps and off-ramps for fiat-to-crypto conversions, a solution called Transak One for fiat-to-smart contract transactions, and a checkout option for converting fiat to non-fungible tokens (NFTs). The integration of Transak’s infrastructure enhances the user experience and facilitates the transition of more users into the Web3 world.
Compiled by Coinbold