Per a report by TechCrunch, digital currency payments institution Triple-A has announced a $10 million Series A funding round on Wednesday.
This round which is coming a year after the crypto company raised $4 million in a seed round led by zVentures, was led by returning investors Peak XV (formerly known as Sequoia India and Southeast Asia), with strategic support from Shorooq Partners, a venture firm focused on the MENA region, per the report. This brings the total of investment raised to $14 million for the company.
Triple-A is a company that aims to revolutionize the nexus between traditional finance and blockchain-based payments. The company offers solutions for businesses, allowing them to seamlessly integrate cryptocurrency payments and receive fiat money in their bank accounts.
Triple-A supports payments in cryptocurrencies like Bitcoin (BTC) on both the Bitcoin and Lightning Networks, Ether (ETH), and stablecoins such as Tether (USDT) and USD Coin (USDC).
Purpose of the new Triple-A funding round
The new funding will be used to expand its operations to the Middle East, North America, and South America, according to the company’s representatives. Also, Triple-A has plans to incorporate new cryptocurrencies and blockchain solutions into its crypto payments and payout products.
According to Triple-A’s founder, Eric Barbier, the project’s aim is to provide businesses with an “additional” and “more efficient” payment method using cryptocurrencies. He believes that crypto and blockchain technology not only protects businesses from risks of chargeback fraud but also streamlines B2B cross-border payments by settling transactions instantaneously, without the need for a middleman.
Commenting on the investment, Peak XV Vice President, Aakash Kapoor said that blockchain-based digital infrastructure provides real value in cross-border payments in terms of speed and “liquidity of flows”.
Additionally, he added that Triple-A is building a “compliant” and “steady foundation” for a payment infrastructure rail that has the power to transform how global businesses transact money, including stablecoins and CBDCs (central bank digital currencies) more efficiently.
Triple-A’s unique proposition
Triple-A secured a substantial $10 million in funding during a time when many crypto firms are struggling to survive. As cryptocurrency markets face heightened scrutiny, regulatory challenges, and increased market volatility, what sets Triple-A apart is its commitment to creating a bridge between the traditional financial world and the rapidly evolving digital asset ecosystem.
Recall that this is its second funding round in the last year, One of the primary reasons venture capitalists are flocking to support Triple-A is its unique hybrid model. Triple-A has successfully combined the strengths of fiat and cryptocurrency. The platform enables users to transact in both traditional currencies and cryptocurrencies seamlessly, which aligns with the growing demand for flexibility in the crypto space.
Triple-A’s ability to form strategic partnerships in the traditional finance sector is another compelling factor for venture capitalists. By collaborating with established financial institutions, the firm is paving the way for increased adoption and acceptance of cryptocurrencies, transcending the current crisis and shaping the future of digital finance.
Per reports, Triple-A is currently being used by more than 20,000 businesses worldwide, which includes merchants like iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, among others.
As the cryptocurrency sector continues to evolve, Triple-A is undoubtedly a crypto firm to pay attention to.
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