Merge raises $9.5 million in funding from a number of venture capital funds

On Monday, May 30, it became known that the British company Merge has completed a $9.5 million seed funding round. The deal was headed by Octopus Ventures.

This is the firm’s first formal equity financing. Merge is engaged in the development and implementation of payment infrastructures in the field of Web 3.

Hashed, Coinbase Ventures, Alameda Research, Ethereal Ventures and others also took part in the deal. The company will use the funds received for further scaling and development of current projects.

The mission of Merge is to become a kind of “intermediary” between fiat and cryptocurrencies. The company is headed by Kebbi Sebastian, former head of PayPal and Barclays.

Thanks to the Merge infrastructure, fintech companies will be able to work more efficiently with traditional financial institutions. The firm offers fiat storage and transfer services via API.

  • “As the crypto economy develops, it becomes more and more obvious that the traditional financial infrastructure is not suitable for the rapid expansion of business in this area. In addition, many providers simply do not have sufficient experience to assess the risks in this market,” Coinbase Ventures emphasized.

Obviously, it is Merge that is able to provide the necessary ecosystem for the effective exchange of funds between the traditional and cryptocurrency markets.

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