Tech
Cryptocurrency banking platform Fiat Republic extends seed with £5.5m
Fiat Republic, a startup aiming to support the transition of cryptoassets to mainstream payments, has raised £5.5 million in a seed extension round.
Founded in 2021, Fiat Republic is a banking services platform that provides crypto platforms with banking and payment APIs.
Fiat’s platform allows crypto companies to embed and automate fiat flows to their end users and their internal treasury team.
The London-based startup wants to bring crypto platforms and traditional financial institutions together through its technology and encouraging communication between them.
CryptoUK’s, the trade body for UK crypto companies, director of operations earlier this year he told UKTN that banks were unfairly reluctant to engage with crypto platforms.
Fiat Republic recently obtained an EMI license in the Netherlands, which gives it the ability to provide electronic money services throughout the European Union.
“The passport from the respectable and credible jurisdiction of the Netherlands not only increases our legitimacy in the world of traditional finance, but also highlights our commitment to high standards of compliance, security and close cooperation with regulators,” said the CEO and co-founder Adam Bialy.
“This move, to me, also signals that the Netherlands is open for business in view of the upcoming MiCA regulation.”
The round saw participation from Kraken Ventures, Seedcamp, Inovo.vc, Pretiosum Ventures, Creed Ventures, Fabric Ventures and Arca.
“Arca is excited to support Fiat Republic in its mission to bridge the gap between traditional banking and the rapidly growing financial needs of web3 projects,” said Michal Benedykcinski of Arca.
“Our investment in Fiat Republic represents a deep belief in making compliant industry standards for individual transactions easy to follow by all market participants, be they a crypto platform, a bank or a regulator.”
Anil Hansjee, general partner at Fabric Ventures, said that “Fiat Republic’s innovative and regulatory approach to bridging the worlds of traditional banking and web3 is not only timely but crucial to the evolution of financial services.”