Tech

Tiger Global supports London’s $ 40 million cryptocurrency banking platform

Mainstream acceptance of the crypt rapidly takes off. As more transactions are carried out in cryptocurrency, there is a growing demand among businesses for a banking platform that can accept crypto-payments, calculate crypto-assets and seamlessly link the fiat and crypto-economy. The investment will stimulate BVNK’s entry into new markets, including the United States, accelerate regulatory licensing and support product empowerment.

Combines traditional finance and crypto, a London cryptocurrency startup BVNK raised $ 40 million in the Series A round Tiger Global together with other investors, including Slave Partnership, Avenir, Kingsway Capital, Nordstar, Concentricand Share capital. Angels of investors, including the founders of Digital Anchorage, List of coins, Eco.com and TrueLayer; Microsoft ex-head of strategy and former Striped and Jump Trading executives also participated.

The platform aims to make the use of crypto-financial services more accessible by helping its clients manage treasuries, payment and investment transactions for digital assets from a single account. The company already handles more than $ 2 billion year-on-year and has more than doubled its monthly payments since January 2022.

So how does it work? It offers a business account that provides a “Know Your Business” process to access GBP / EUR / USD and digital asset wallets. Firms can manage settlements, exchanges and payments from a single account interface.

The interface also hosts BVNK Yield, where customers can use their capital and earn interest; and BVNK Markets for large volumes of digital asset trading. The startup has also developed BVNK Insights, which provides market information to help customers make informed decisions.

Co-founder and CEO of BVNK Jesse Hemson-Strusers said: “BVNK is bridging the gap between traditional finance and the crypto market. Demand for cryptocurrency services has far exceeded even what we expected, and this Series A funding will allow us to expand our services, markets and operations. ”

Alex Cook, a partner of Tiger Global, added: “The rapid adoption of cryptocurrencies by global companies complicates treasury management, banking and payments. The BVNK platform helps companies easily switch between fiat and crypto. BVNK is ready to become a market leader based on product differentiation and conformity. ”

https://tech.eu/2022/05/12/londons-crypto-to-fiat-banking-platform-nabs-40-million

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