Merge cashes in $9.5M funding to ramp up crypto payment infrastructure

abdelaziz Fathi

Merge, the payments infrastructure crypto startup, has closed a $9.5 million seed round led by Octopus Ventures, one of Europe’s largest and most active VC funds.

The funding round saw participation from well-known names in the crypto investment space including Coinbase Ventures, Alameda Research and Ethereal Ventures. They were also joined by angel investors including a clutch of reputable names in both crypto and traditional finance; the founder of Aave, co-founder of Polygon, CEO of Ledger, and former CEO of Barclays Consumer Banking, amongst other prominent investors.

Merge facilitates blockchain and non-blockchain services, offering non-custodial, full-stack payment infrastructure that aims to open up cryptocurrencies and digital assets to more businesses and users.

The company, founded by Kebbie Sebastian, a former PayPal and Barclays executive, alongside former Coinbase and Luno executives, claims it can shorten the on-ramping process. Merge also enables developers to create their own software apps, tools and solutions to help crypto and web3 companies set up their own on-ramping stack.

Merge provides a seamless way to hold and transfer fiat funds, convert between fiat and crypto as well as manage compliance, all within its simple to integrate API. The round highlights the ongoing hype around crypto payments and relevant DeFi applications, as well as the potential for platforms that can enable their greater adoption.

Merge’s founders see this domain is rapidly evolving, and thus it steps in to embed payments infrastructure into existing systems. This is similar to what PayPal and other payment providers have done for the ecommerce space.

Zihao Xu, investor at Octopus Ventures commented: “As the crypto economy moves further into the mainstream, it’s increasingly clear that the current financial infrastructure isn’t fit to serve the rapid expansion of crypto-native businesses and many providers aren’t specialised enough to gauge risk.

“Merge’s vision is to build the infrastructure necessary to allow crypto businesses to operate without fear of shutdown by regulators or third-party risk teams. We’re excited to back them as they build that and, ultimately, unleash even more innovation in crypto and defi,” he added.

Read this next

Technology

Zennor AM deploys TORA’s all-in-one multi asset system

“The selection process was very thorough. We expect our fund to grow rapidly and we needed a solution that works for a newer fund but also has the capacity to scale significantly over time.”

Industry News

SEC files to take out Ripple’s whole expert testimony in one mega take

Defendants do not object to the motion provided that they be allowed the same page limit for their response in opposition to the motion. 

Digital Assets

Wirex launches crypto loans with LTV of up to 80%

The recent market collapse hasn’t stopped Wirex from pursuing its crypto loan offering allowing users to borrow up to $100,000.

Digital Assets

Chainalysis and Cellebrite to launch integrated solution

As a result of this cooperation, examiners, investigators, analysts, and compliance officers will be able to seamlessly identify illicit cryptocurrency-related activity in a single place as part of their familiar digital investigation workflows.

Executive Moves

Gate.io hires ex-Google Tom Yang for brand building

Gate.io has appointed Tom Yang as Executive Vice President (EVP) to gradually carry out its global brand building and market development.

Digital Assets

What if Ripple loses and XRP is deemed a security?

The outcome of the Veritaseum case could provide guidance to XRP holders looking for answers about what will happen to their assets.

Executive Moves

BestEx Research taps Paul Merolla as General Counsel

He has served as General Counsel at institutional broker Instinet Group and was Associate Counsel at Goldman Sachs.

Industry News

eToro announces termination of SPAC deal amid “circumstances”

“We ended Q2 2022 with approximately 2.7 million funded accounts, an increase of over 12% versus the end of 2021, demonstrating continued customer acquisition and retention rates that have been improving over time. We remain confident in our long-term growth strategy and excited for the future of eToro.”

Digital Assets

EU crypto regulation limits privacy to 1,000-euro threshold

MiCA complements existing AML rules and aims to enhance financial stability and investor protection in Europe.

<