Digital banking infrastructure provider Banxa has raised $2 million in a Series A round.
Led by blockchain investment firm NGC Ventures, the round also saw the ASX-listed Thorney Investment Group Australia participate, according to a press release on Wednesday.
The firm offers a fiat currency to cryptocurrency gateway solution that was recently tapped by crypto exchange Binance for its addition of Australian dollar and euro payments.
The new investment will be used to support the firm's plans to expand in new markets including in Europe, Asia and Africa.
“Banxa addresses the issue of user experience and onboarding while providing the much-needed regulatory assurances for newcomers to this nascent digital asset class," said Roger Lim, founding partner of NGC Ventures.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.