Baanx, a cryptocurrency payments company authorized by the U.K.’s Financial Conduct Authority (FCA), has announced that it has raised a $20 million Series A funding round, led by Ledger, Tezos Foundation, Chiron, and British Business Bank. The company, which has over 150,000 users and runs the Ledger card product, plans to use the funds to launch its services in the U.S. and Latin America later this year, and to redefine the landscape of crypto payments.
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Baanx is a platform that enables users to manage their digital assets and access new services, such as non-custodial, on-chain payments, crypto debit cards, and decentralized finance (DeFi) products. Baanx aims to bridge the gap between the traditional and the crypto worlds, by providing a seamless and secure way for users to spend, send, and receive cryptocurrencies, as well as fiat currencies.
Baanx’s Chief Commercial Officer, Simon Jones, said in a press release “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 spending, we hope to power the next generation of crypto payments.”
One of the key features of Baanx is its integration with the Tezos blockchain, a smart contract platform that offers high scalability, low fees, and environmental sustainability. Baanx leverages the Tezos network to offer fast and cheap transactions, as well as innovative services, such as staking, lending, and borrowing. Baanx also supports other major blockchains, such as Bitcoin, Ethereum, and Binance Smart Chain.
Baanx’s investors expressed their confidence and excitement about the company’s vision and potential. Pascal Gauthier, CEO of Ledger, said: “Baanx is a game-changer in the crypto industry. They are building the future of crypto payments, where users have full ownership and control of their funds while enjoying the benefits of the traditional financial system. We are proud to support them in their mission to make crypto more accessible and usable for everyone.”
Hubertus Thonhauser, Chairman of the Tezos Foundation, said “Baanx is a great example of how the Tezos blockchain can enable innovative and user-friendly solutions for the crypto space. Baanx’s products are not only fast and secure, but also environmentally friendly, thanks to the energy-efficient design of Tezos. We are delighted to be part of their journey and to help them grow their user base and impact.”
Baanx’s funding round comes at a time when the crypto market is booming, as more investors, users, and regulators are embracing and adopting cryptocurrencies. According to CoinMarketCap, the total market capitalization of all cryptocurrencies has surpassed $2.5 trillion as of March 5, 2024, with Bitcoin reaching a new all-time high of over $69,000 on Tuesday.
Baanx hopes to capitalize on this growing demand and interest, by expanding its services and reach to new markets and regions. The company has recently signed a three-year partnership with Mastercard for the U.K. and Europe and is preparing to launch its services in the U.S. and Latin America later this year. Baanx also has a native BXX token, which powers its ecosystem and rewards its users.
Baanx’s CEO, Garth Howat, said in a press release “We are thrilled to have the support of such prestigious and visionary investors, who share our passion and ambition for the crypto industry. With their backing, we are confident that we can bring our innovative and disruptive products to millions of users around the world, and make crypto payments more accessible, convenient, and secure than ever before.”
Baanx is one of the leading players in the crypto payments sector, which is expected to grow rapidly in the coming years, as more people and businesses adopt and use cryptocurrencies for various purposes. Baanx’s unique approach and technology could give it a competitive edge and a loyal customer base, as it strives to make crypto payments more mainstream and user-friendly.
Sources:
Baanx Supported by Tezos Foundation Raises $20M to Broaden Crypto Payment Horizons – XTZ News
Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap
Bitcoin breaches $64,000 briefly as ETF demand lures traders – CNBCTV18