Transak Raises $16 Million from Tether and IDG Capital to Expand Stablecoin Payments
Transak, a global fiat-to-crypto infrastructure provider, has secured $16 million in a funding round led by Tether and IDG Capital. The investment will be used to scale Transak's stablecoin payment infrastructure and operations in new markets.
Transak's platform, used by over 450 applications in more than 75 countries, facilitates seamless fiat-to-stablecoin transitions through a single API. The company has processed over $2 billion in transaction volume, with a significant portion attributed to stablecoins.
Tether CEO Paolo Ardoino noted the strategic importance of stablecoins as "the backbone of digital payments," highlighting Transak's role in providing the necessary infrastructure for their adoption. Transak holds regulatory approvals in the US, UK, EU, Canada, Australia, and India, with ongoing expansion into other regions.