Transak secured Rs 4.8 crore in seed funding round

Transak, fiat to crypto payment gateway, has now secured that it has secured funding of $660000 in the seed funding round led by the Koji Capital, The Lao, IOSG, Consensys, and some other angel investors.

Transak, is a fiat to the crypto payment gateway that streamlines the process of buying and selling cryptocurrency, allowing both the mainstream users and businesses to access both the blockchain and crypto. It allows users to use their fiat currency to buy cryptocurrencies and vice versa, acting as both an on-ramp for applications.

The company is looking to expand its partnerships, operations, and work base in India and is going to use the amount secured to hire more engineers and expand its team in the entire country.

Transak has existing operations in more than 60 countries and plans to expand and consolidate this coverage by the end of 2021.

Transak acts both as a B2C platform where one can buy cryptocurrencies directly into their wallet using fiat money and a B2B platform in the form of a developer integration that can be used by third-party applications and websites. Transak allows for applications to enable the use of cryptocurrency for transactions via its application. On Transak, one will be able to buy the crypto using bank transfers, wallets, debit/credit cards and various other payment applications across the globe.

Sami Start and Yeshu Agarwal, Co-founders, Transak said:

“We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs on and off-ramps to make the crypto world accessible to all. The company is excited to acquire fresh Indian talent, which is known to be exceptional across the globe and are dedicated to building a strong team in the country to take over the Indian operations. We are highly motivated to ease the friction in the global crypto market and take decentralized finance mainstream.”

Also Read: Indic Inspirations secured angel funding of Rs 2.5 Cr

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