Source: Fortune
Summary
London-based startup Velocity has raised $38 million in a Series A funding round to help businesses integrate dollar-pegged tokens into customer payments. Velocity aims to tap into the rapid expansion of the stablecoin industry, with a goal of making payments faster through stablecoins. The company’s customers include global merchants, payment providers, fintechs, and financial institutions.
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Velocity is one of the firms helping businesses to integrate stablecoins into customer payments. The company sees traditional banks and foreign exchange houses as its main competitors, rather than other payments startups. Velocity plans to use the new capital to obtain licenses required to expand into Africa and Latin America. Rob Hadick, a general partner at Dragonfly, said Velocity has built a comprehensive set of solutions for businesses to come on-chain. Eric Queathem, founder and CEO of Velocity, declined to specify at what valuation his startup raised its most recent stash of capital.
The stablecoin industry is rapidly expanding, with proponents saying they enable faster cross-border payments and lower transaction costs.
Author: Evan Null
