FinTech infrastructure startup Merge secured $9.5 million in seed funding to further build out its API-based banking and payments platform aimed at bridging the gap between fiat and crypto ecosystems.
The funding was led by Octopus Ventures with participation from Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, and angel investors including the founder of Aave, the co-founder of Polygon, the CEO of Ledger, the former CEO of Barclays Consumer Banking and others.
“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,” Zihao Xu, investor at Octopus Ventures, said in a press release.
“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 specialized enough to gauge risk,” Xu said.
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