Baanx, a London-based cryptocurrency payments platform, has raised $20 million in its Series A funding round led by notable entities including Ledger, the Tezos Foundation, Chiron, and the British Business Bank, this strategic investment elevates Baanx’s total funding to over $35.3 million.

In Jan 2022, the U.K.’s Financial Conduct Authority (FCA) awarded FCA license to Baanx paving the way for it becoming a pioneering player in the crypto payments space. Known for managing the Ledger card product, Baanx has solidified a three-year partnership with Mastercard, targeting the U.K. and European markets. This collaboration reflects the increasing interest of traditional financial giants like Mastercard and Visa in cryptocurrencies, stablecoins, and the innovative Web3 ecosystem.

In an interview, Baanx’s Chief Commercial Officer, Simon Jones, emphasized the company’s focus on building non-custodial, on-chain products, providing users with full control of their funds while enabling real-world spending. This approach aligns with the broader objectives of the Tezos Foundation, which aims to foster innovation and adoption within the blockchain and crypto spaces.

With the infusion of capital, Baanx is poised for expansion and innovation. The company intends to introduce its services in the U.S. and Latin America later this year, extending its reach and accessibility to a broader audience. Additionally, Baanx aims to enhance its offerings, leveraging non-custodial, on-chain products to pioneer a new era of crypto payments.

The partnership with Ledger, a leading crypto hardware wallet manufacturer, further strengthens Baanx’s position in the market. By combining payment solutions with secure storage options, Baanx not only enhances the utility of the Ledger card but also makes cryptocurrency payments more accessible and appealing to a broader audience.