Infrastructure startup Merge closed a $9.5 million seed round led by Octopus Ventures, with participation from Hashed, Coinbase Ventures, Ethereal Ventures and Alameda Research.
Founded by former PayPal CEO Kebby Sebastian, the firm offers Web3 businesses access to banking, payments, risk management and compliance through an API.
The firm’s solutions allow you to collect and hold funds for yourself and your clients, and to convert cryptocurrencies into fiat money and vice versa, subject to regulatory compliance.
Merge solves the problems of crypto exchanges, wallets and DeFi protocols that are being denied service by many traditional financial institutions.
According to The Block, the UK-based startup will use the proceeds to expand to other regions and obtain new licenses.
Recall that in May, BVNK, a payment startup focused on servicing cryptocurrency companies, raised $40 million at a valuation of $340 million.
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