Transak, a global leader in fiat-to-crypto infrastructure, has announced a $16 million strategic funding round to expand its stablecoin services.
Funding and Its Goals
The funding round was led by Tether and IDG Capital, with participation from several top-tier investors. The raised capital will help Transak bolster its stablecoin infrastructure, facilitating broader adoption in new markets.
Current Transak Infrastructure
Transak enables users in over 75 countries to exchange between fiat and stablecoins. The platform is backed by over 450 applications and has processed over $2 billion in transaction volume, with nearly 30% of flows coming from stablecoins. It includes regulated fiat on and off ramps, virtual bank accounts, and compliance tools.
Future Plans and Expansion
Transak holds regulatory approvals in key jurisdictions including the United States, United Kingdom, European Union, and India, and is actively working on expansion into the Middle East, Latin America, and Southeast Asia.
The $16 million raised will allow Transak to enhance the accessibility and reliability of stablecoins as a means for global financial transactions, supporting growth and adoption in new markets.
