Transak, a global web3 payments infrastructure provider, has recently closed a $16 million strategic funding round led by Tether and IDG Capital, marking a significant milestone in its quest to enhance stablecoin-powered payments.
With the backing of established investors, the company aims to extend its capabilities worldwide, with Miami poised to play an integral role in this expansion.
Co-founder and CEO Sami Start emphasized the importance of stablecoins, stating, “They are now the rails for global value transfer,” reflecting how they have transitioned from mere crypto assets to essential financial tools.
According to Start, however, the extensive usability of stablecoins goes beyond just liquidity; it requires a robust infrastructure that includes compliance systems, KYC and fraud prevention measures, banking partnerships, and comprehensive knowledge of the crypto market.
Transak’s platform currently facilitates transactions in over 75 countries, allowing seamless movement between fiat and stablecoins through various local payment methods, bank transfers, cards, and virtual IBANs via a unified API.
The company specializes in combining regulated on- and off-ramps, real-time liquidity routing, and full-stack compliance tools. This functionality permits any application, from digital wallets to fintech platforms, to integrate stablecoin conversion without facing operational challenges.
This latest funding round has attracted other notable investors, including Miami-based Fuel Ventures, Primal Capital, 1kx, Protein Capital, CEiC, KX VC, 3KVC, Genting Ventures, and Umami Capital, all joining in support of Transak’s ambitious goals.
Transak has already processed over $2 billion in transaction volume, underscoring the traction that stablecoins have gained within the financial ecosystem.
Andy Werner, the VP of Partnerships and Strategy at Transak, pointed out that this funding is not only about advancing technology but also about geographical significance.
Despite having only two team members located in Miami currently, Werner and Start, the company is actively seeking to expand its local workforce by hiring in sales, marketing, partnerships, and a chief of staff role.
Werner expressed the unique opportunities that Miami offers, saying, “If you join, you’re not in some satellite office; you’re working side-by-side with the CEO, grabbing coffee, brainstorming over lunch. For the right kind of person, that’s hugely compelling.”
He further elaborated on the value of Miami’s interconnected community of crypto innovators and fintech experts, which serves as a direct gateway to Latin America.
This strategic location is particularly advantageous as Transak aims to strengthen its footprint in high-potential markets, such as Brazil and Argentina, where stablecoin adoption is swiftly rising due to its practical applications in remittances, cross-border commerce, and treasury management.
“In Miami, you can walk into an event and end up in a serious conversation with someone running one of the biggest crypto companies in the industry,” Werner noted, illustrating the vibrant network present in the city.
With regulatory frameworks covering regions like the US, UK, EU, Canada, Australia, and India, along with plans for expansion into the Middle East, Latin America, and Southeast Asia, Transak is committed to becoming the essential financial infrastructure that makes stablecoin transactions as easy as sending an email.
This funding positions Miami to be a crucial hub for realizing that ambitious vision, as Transak sets its sights on a future powered by stablecoin technology.
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