Digital banking infrastructure provider Banxa has raised $2 million in a Series A round.
Led by blockchain investment firm NGC Ventures, the round also saw the ASX-listed Thorney Investment Group Australia participate, according to a press release on Wednesday.
The firm offers a fiat currency to cryptocurrency gateway solution that was recently tapped by crypto exchange Binance for its addition of Australian dollar and euro payments.
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The new investment will be used to support the firm’s plans to expand in new markets including in Europe, Asia and Africa.
“Banxa addresses the issue of user experience and onboarding while providing the much-needed regulatory assurances for newcomers to this nascent digital asset class,” said Roger Lim, founding partner of NGC Ventures.