Cryptocurrency Payments Specialist Baanx Raises $20 Million in Series A Funding Round

According to CoinDesk, Baanx, a cryptocurrency payments specialist authorized by the U.K.'s Financial Conduct Authority (FCA), has raised a $20 million Series A funding round. The investment round included Ledger, Tezos, Chiron, and British Business Bank, bringing the crypto payment enabler's total funding to over $30 million. London-based Baanx, which runs the Ledger card product, recently signed a three-year partnership with Mastercard for the U.K. and Europe. Large legacy payments companies such as Mastercard and Visa have been quietly exploring areas like payments on Ethereum, stablecoins, and the Web3 world of non-custodial wallets, where Baanx provides seamless connectivity. Chief Commercial Officer Simon Jones said in an interview, "Over the past 12 months, we have been building out a series of non-custodial, on-chain products, creating a whole new type of crypto payment." He added that the funding will help the firm introduce its services in the U.S. and Latin America later this year. The company, which has over 150,000 users, also has a native BXX token.