Dutch startup Fung has reportedly acquired $2.7 million in capital via a pre-seed round for its goal of unifying cryptocurrency and fiat payment channels.
Fung’s management noted that they aim to become one of the first regulated platforms that will be unifying cryptocurrency and fiat payment platforms in order to support improved access to digital assets and payment services.
The company further revealed that it will provide technology to merchants in order to take crypto and fiat payment channels in a compliant manner, where they are able to meet their own KYC/AML requirements.
At first, the firm will be focused on targeting digital commerce providers who intend to accept fiat and crypto payments at the time of checkout, as well as configurable payouts.
In order facilitate such payouts in fiat currencies, Fung will offer merchants with Ibans.
Lorenzo Franzi, partner at GFC, stated:
“Fung is addressing an issue in e-commerce payment systems that is essential to support the sustainable evolution to digital assets transactions. Compliance is not an option anymore for payment providers to ensure the safety of their clients and the customers. With this investment, Fung will set up reliable infrastructure to support crypto and fiat payments. We’re eagerly looking forward to how Fung is revamping the future of digital payments.”
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