London-based crypto payments infrastructure provider Merge announced Monday it has raised $9.5 million in a seed funding round led by investment management company Octopus Ventures.
Other investors in the round include Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, the founder of Aave, co-founder of Polygon, CEO of Ledger, Barclays’ former CEO of Consumer Banking, and more.
Merge Raises $9.5M
The company said it will use the fresh capital to develop its API-based banking and payments platform. Merge offers an API-based banking and payments platform that gives crypto and Web3 firms the ability to send payments, hold, transfer, and convert funds between fiat and cryptocurrencies.
Zihao Xu, investor at Octopus Ventures commented on the development:
“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.”
No Bear Market for Crypto Startups
Despite the recent crypto market downtrend, investors have not turned their backs on crypto startups but rather have continued to invest in them. Investors continue to show they are thinking long-term, deploying capital to help build out the industry.
Coinfomania reported this month that crypto startup, Elwood secured $70 million in a Series A funding round at a $500 million valuation. More recently, American venture capital firm Andreessen Horowitz (a16z) raised $4.5 billion to fund the Web 3.0 ecosystems including Decentralized Finance (DeFi), Decentralized Autonomous Organizations (DAO), and Blockchain Governance.
Industry experts predict the continued flow of funding for crypto-related startups could help avert fears of a long-term bearish market. Barring current macroeconomic concerns, these consistent inflows might also be the catalyst for another period of strong price action in the crypto market.
