Attracts $20 million Series A investment from renowned institutions including Baanx, Ledger and Tezos Foundation

Cryptocurrency payment company based in London Baanx raised $20 million in Series A funding round., which is an increasingly prominent movement in the cryptocurrency payments sector. It is led by notable organizations including: Ledger, Tezos Foundation, Chiron and British Business BankThis strategic investment increases Baanx’s total funding to more than $35.3 million.

In January 2022, the UK’s Financial Conduct Authority (FCA) granted Baanx an FCA license, paving the way for Baanx to become a pioneering player in the cryptocurrency payments space. Baanx, known for managing Ledger card products, has solidified a three-year partnership with Mastercard for the UK and European markets. The collaboration reflects the growing interest of traditional financial giants such as Mastercard and Visa in cryptocurrencies, stablecoins and the innovative Web3 ecosystem.

In an interview, Simon Jones, Baanx’s Chief Commercial Officer, emphasized that the company is focused on building a non-custodial on-chain product that gives users full control of their funds while enabling real-world spending. This approach is consistent with the broader goals of the Tezos Foundation, which aims to foster innovation and adoption within the blockchain and cryptocurrency space.

The injection of funds from the Series A round is earmarked for significant expansion as Baanx prepares to launch its service in the U.S. and Latin America later this year. With a user base of over 150,000 already, Baanx is poised to redefine the cryptocurrency payments landscape by providing seamless connectivity and innovative solutions.

The partnership with Ledger, a leading cryptocurrency hardware wallet manufacturer, further strengthens Baanx’s position in the market. By combining payment solutions and secure storage options, Baanx not only improves the usability of Ledger cards, but also makes cryptocurrency payments more accessible and attractive to more people.

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