Transak has successfully completed a strategic capital raise of $16 million, focusing on expanding the stablecoin payment ecosystem and developing new markets.
This Web3 payment infrastructure company received investment from leading funds and holds multiple international legal licenses, consolidating its leading position in the stablecoin transaction field.
- Transak raised $16 million through a capital raise led by IDG Capital and Tether.
- Approximately 30% of Transak's $2 billion trading volume is from stablecoin.
- The company has been licensed in multiple regions, including the United States, EU, UK, Canada, Australia, and India.
How much capital did Transak raise and who led the funding round?
Transak completed a strategic capital raise of $16 million, primarily led by IDG Capital and Tether, along with contributions from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. This capital raise helps Transak increase its financial potential to expand the Web3 payment network.
The successful fundraising from these renowned investors has consolidated Transak's position in the cryptocurrency payment ecosystem, especially in the stablecoin sector – a rapidly growing area with enormous growth potential.
How will Transak use the raised capital and what is its current transaction scale?
Transak plans to use the $16 million to expand its stablecoin payment network and enter key new markets. Currently, the company manages a trading volume of $2 billion, with 30% related to stablecoin flows.
Focusing on stablecoin payment development helps Transak meet the high market demand for price-stable solutions and sustainable liquidity, while enhancing global user accessibility.
What legal licenses has Transak obtained and what is Tether's role in the stablecoin market?
Transak has been granted operating licenses in several key regions including the United States, UK, EU, Canada, Australia, and India, enabling the company to operate legally and reliably in the cryptocurrency payment sector.
Tether, the primary investor in this capital raise, currently holds over 60% of the global stablecoin market share, creating a strong momentum for Transak to expand its partnership network and increase market liquidity.
Receiving investment from Tether and leading funds is a significant step, helping us accelerate the development of more stable and secure payment solutions for global users.
Statement from Transak CEO, August 2024
Frequently Asked Questions
1. What field does Transak operate in?
Transak is a Web3 payment infrastructure company specializing in cryptocurrency payment solutions, particularly stablecoins.
2. How much did Transak's recent capital raise bring in?
Transak completed a strategic capital raise of $16 million led by IDG Capital and Tether.
3. What role does Tether play in the stablecoin market?
Tether is the largest stablecoin issuer, holding over 60% of the global market share and supporting network expansion projects.
4. In which countries has Transak been licensed to operate?
Transak holds licenses in the United States, UK, EU, Canada, Australia, and India to legally execute cryptocurrency payment services.
5. What is Transak's current transaction volume?
Transak processes a trading volume of approximately $2 billion, with 30% being stablecoin transactions.
