Baanx Expands to US Market and Secures $20 Million in Funding

The recently acquired funds are intended to support Baanx's endeavors in advancing the next generation of crypto payments.

Baanx raises $20 million to advance crypto payment innovation.

📷 Image: Baanx logo

Blockchain payment firm Baanx is making waves in the financial industry with its recent announcement of a planned expansion into the United States and Latin America. To support their ambitious expansion plans, Baanx has successfully secured $20 million in a seed funding round from leading venture capital firms and investment companies.

Baanx Sets Its Sights on New Frontiers

Based in London, United Kingdom, Baanx is already a registered entity under the country’s Financial Conduct Authority (FCA), allowing it to operate legally and in compliance with local regulations. The company has been at the forefront of connecting the traditional finance system with the world of the crypto economy.

📷 Video: Baanx’s vision for the future

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Baanx aims to bridge the gap between the two ecosystems, offering innovative solutions that connect fintech companies with blockchain protocols such as Bitcoin (BTC) and Ethereum (ETH). Their goal is to make it easier for traditional financial institutions, like Mastercard and Visa, to explore and potentially adopt the emerging economy of cryptocurrencies.

📷 Image: Illustration of Baanx connecting the traditional finance system with the crypto economy

Expanding the Footprint

Baanx’s forthcoming expansion into the US market and Latin America will put it in direct competition with established payment platforms such as BitPay and CoinPayments. With their $20 million funding injection, Baanx is poised to shake up the market and revolutionize the way businesses transact in the digital age.

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Full Control of Assets

Over the past year, Baanx has been hard at work expanding its product offerings. With their native crypto called BXX, Baanx now offers various non-custodial and on-chain solutions, giving users full control of their assets. This means that users can have a say in how their funds are managed, while also enabling real-world spending.

Simon Jones, Baanx’s chief commercial officer, expressed their enthusiasm for powering the next generation of crypto payments. “We hope to provide a whole new type of crypto payment by allowing the user full control of their funds while enabling real-world spend,” said Jones.

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Baanx’s Strategic Partnerships

To solidify its presence in the cryptocurrency industry, Baanx has actively pursued strategic partnerships and innovative collaborations. Last year, the company secured a significant three-year partnership with Mastercard, which is set to enhance Baanx’s service offerings in the UK and Europe.

Through this partnership, Baanx aims to introduce crypto-card programs into the traditional financial market, facilitating seamless fiat-to-crypto transactions and bridging the gap between traditional and digital currencies. Currently, Baanx operates the Ledger card product, further solidifying its position in the blockchain payment space.

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Q&A: What Readers Might Be Curious About

Q: How does Baanx’s expansion into the US market and Latin America affect the existing payment platforms? A: Baanx’s entry into these markets brings healthy competition, which can drive innovation and potentially improve services for customers. It also gives businesses more choices when it comes to payment solutions.

Q: How does Baanx ensure the security of user assets? A: Baanx’s non-custodial and on-chain solutions give users full control of their assets, reducing reliance on third-party custodians. By integrating blockchain technology, Baanx enhances security and transparency in payments.

Q: What advantages does Baanx bring to traditional financial institutions like Mastercard and Visa? A: Baanx’s solutions enable traditional financial institutions to tap into the growing crypto economy without the need for extensive infrastructure development. This opens up new avenues for revenue generation and adaptation to changing market dynamics.

The Future of Baanx: Opportunities and Investments

With Baanx’s expansion plans and strategic partnerships, their potential for growth and market disruption is significant. As they enter new territories, Baanx is well-positioned to challenge existing payment platforms and offer innovative solutions to businesses. Investors looking to capitalize on the evolving crypto economy should keep an eye on Baanx’s progress and evaluate opportunities for investment and collaboration.

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References

1. Baanx’s partnership with Mastercard
2. Baanx’s innovative solutions
3. QCP Capital predicts ETH will outperform BTC
4. BitPay’s official website
5. CoinPayments’ official website

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