Baanx Raises $20M from Ledger and Tezos to Redefine Cryptocurrency Payments

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Baanx Raises M from Ledger and Tezos to Redefine Cryptocurrency Payments

by Alisa Davidson

Published: March 05, 2024 at 7:43 am Updated: March 05, 2024 at 7:43 am

by Victor Dey

Edited and fact-checked:
March 05, 2024 at 7:43 am

In Brief

Baanx raised $20 million to expand its cryptocurrency payment services in the United States and Latin America markets.

Baanx Raises $20M from Ledger and Tezos to Redefine Cryptocurrency Payments

Cryptocurrency payments company Baanx (BXX) raised $20 million in a Series A funding round led by Ledger, Tezos, Chiron, and the British Business Bank. The newly raised funds will be allocated towards expanding its services in the United States and Latin America throughout the year. With this latest capital injection, Baanx’s overall funding has surpassed $30 million.

Baanx operates the card product in partnership with Ledger, a cryptocurrency hardware wallet manufacturer that provides a Baanx-powered prepaid cryptocurrency debit card as part of its offerings.

“Over the past 12 months, we have been building out a series of non-custodial, on-chain products, creating a 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,” said Simon Jones, Chief Commercial Officer of Baanx.

The company is authorized by the United Kingdom Financial Conduct Authority (FCA) and has recently entered a three-year partnership with Mastercard for operations in the United Kingdom and European Union.

Baanx offers users utility token BXX for various purposes, including spending, saving, purchasing, and holding to obtain interest-free secured overdrafts and credit cards. After the investment announcement, the price of BXX witnessed an approximate 8% surge within the last 24 hours, according to data from CoinMarketCap.

Baanx Pioners Connectivity to Simplify Crypto Payments

Founded in 2018, Baanx is a payments company that collaborates with digital asset corporate brands to offer cryptocurrency services. Recognized for its interest-free secure lending and high-interest savings options for staking digital assets, Baanx also facilitates global remittance and enables the spending of digital assets through Visa, China Union Pay, and other cards. The company’s user base presently exceeds 150,000.

Large payment companies like Mastercard and Visa have been exploring payments on Ethereum, stablecoins, and the Web3 world of non-custodial wallets over recent years. Payment cards can assist wallet providers in increasing the active user base, fostering loyalty, and creating additional revenue streams, offering cardholders the convenience of utilizing cryptocurrency balance for expenditures.

Last year, Mastercard announced that its Engage program would focus on introducing new cryptocurrency card programs to the market. In parallel, Visa has been collaborating with the stablecoin USDC and the Solana blockchain to facilitate cross-border payments while exploring solutions to streamline processes, such as addressing concerns related to paying Ethereum gas fees.

However, in this domain, Baanx offers effortless connectivity; moreover, with the new investment, the company is set to position itself as a dynamic player driving the next wave of cryptocurrency payments in the evolving digital finance landscape.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Alisa Davidson