Merge, a next-generation fintech platform that offers a variety of banking and payment solutions to crypto and web3 enterprises, has secured $9.5 million from venture capital firms led by Octopus Ventures. However, Merger valuation is not disclosed. Although the Web3.0 ecosystem is expected to be worth $1 trillion, there are still barriers to bridging the gap between traditional businesses and their blockchain counterparts. Merge offers a solution through its API architecture that allows businesses to easily open bank accounts, perform transactions, and comply with regulations.
Merge reported that Hashed, Alameda Research, Coinbase Ventures, and Ethereal Ventures were among the investors, along with angel investors, who included some of the biggest names in both crypto and traditional finance, including the founder of co-founder of Polygon, Aave, former CEO of Barclays Consumer Banking, CEO of Ledger, and among others.
Zihao Xu, an investor at Octopus Ventures, added:
“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.”
He went on to say:
“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”
Investors and corporations are particularly interested in Web3.0 firms that have a strong infrastructure that can support widespread adoption. While Merge is one of several in this market, the extensive knowledge of its founders, former Paypal and Barclays engineer, lead by Kebbie Sebastian, appears to be one of the many advantages Merge stands to profit from in achieving the promises made to both users and investors.
