Transak’s $16M Bonanza: A Wild Ride into the Stablecoin Wild West 🤠💰

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What to know:

  • Transak, a Web3 payments infrastructure firm, has managed to wrangle up a whopping $16 million in a strategic funding round. 🎉
  • The round was co-led by the illustrious IDG Capital and the ever-mysterious Tether, with a few other cowboys like Primal Capital, 1kx, Protein Capital, and Fuel Ventures throwing their hats into the ring. 🤠
  • With this cash, Transak plans to expand its stablecoin payments stack and gallop into new markets. 🏇💨

Web3 payments infrastructure firm Transak has corralled $16 million in a strategic funding round co-led by IDG Capital and Tether. The company intends to use these funds to expand its stablecoin payments stack and explore uncharted territories. 🌍🔍

Now, here’s the kicker: the stablecoin sector has been growing faster than a weed in a garden. According to DeFiLlama, in early 2024, it had a market cap of $130 billion, which has since more than doubled to a staggering $270 billion. Transak boasts that nearly 30% of its over $2 billion in processed transactions come from stablecoin flows. 🌊💰

Transak’s CEO and co-founder, Sami Start, announced in a press release that scaling stablecoin adoption isn’t just about having a lot of money. “Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,” Start said. “But making them usable at scale requires more than just liquidity,” he added, as if to say, “It’s not just about the horse; you need to know how to ride it too.” 🐎🚀

Tether’s involvement in this funding round is particularly noteworthy. Their flagship stablecoin, USDT, currently commands more than 60% of the total market, according to DeFiLlama. Tether has been using its dominant position to invest in a variety of ventures, from Spanish crypto exchanges to Italian football clubs, making it the Swiss Army knife of the crypto world. 🇪🇸🇮🇹🛠️

Other investors in Transak’s funding round include Primal Capital, 1kx, Protein Capital, Fuel Ventures, and others, with FT Partners advising on the transaction. It’s a veritable who’s who of the crypto rodeo. 🎣🌟

Transak proudly holds licenses in multiple jurisdictions, including the United States (FinCEN), United Kingdom (FCA), European Union (VASP), Canada (FINTRAC), Australia (AUSTRAC), and India (FIU-IND). It’s like they’ve got a badge in every state! 📜✨

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2025-08-12 17:04