Baanx Raises $20M from Ledger and Tezos to Redefine Cryptocurrency Payments
Summary
With this latest capital injection, Baanxs 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.Founded in 2018, Baanx is a payments company that collaborates with digital asset corporate brands to offer cryptocurrency services. 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.In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice.