Transak Completes $16 Million in Strategic Financing, Led by IDG Capital and Tether

PANews reported on August 12th that, according to CoinDesk, Web3 payment infrastructure company Transak announced the completion of a $16 million strategic funding round, led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company stated that approximately 30% of its $2 billion in trading volume comes from stablecoin flows, and that it has obtained regulatory licenses in the US, UK, EU, Canada, Australia, and India. Tether currently holds over 60% of the stablecoin market share.