VelaFi Secures $20 Million Series B to Expand Stablecoin Payment Network
Latin American stablecoin platform VelaFi’s $20 million Series B round led by XVC and Ikuyo, with Alibaba Investment, lifts total funding above $40 million for regional payment expansion.
Summary
VelaFi officially announced the completion of a $20 million Series B funding round co-led by XVC and Ikuyo, with participation from Alibaba Investment. This increases the company’s cumulative financing to over $40 million. VelaFi, a Latin American stablecoin infrastructure provider, connects local banks to stablecoin protocols to facilitate efficient cross-border payments. The newly raised capital will be used to enhance compliance standards, strengthen banking connectivity, and expand operational reach in the U.S. and Asia.
Terms & Concepts
- Stablecoin: A cryptocurrency pegged to a stable asset like the US dollar, designed to reduce price volatility.
- Series B Funding: A venture capital round used by companies to expand operations, following initial Series A financing.
- Stablecoin Protocols: Blockchain systems enabling the creation, transfer, and redemption of stablecoins in compliance with predefined rules.