Stablecoin payment startup Velocity completed a $10 million Series A extension round financing with a valuation of $200 million, with participation from Visa Ventures and others
According to CoinDesk, stablecoin payment startup Velocity announced that it has completed a total of $48 million in Series A funding, with a valuation of $200 million. This round includes an additional $10 million investment from Visa Ventures, Circle Ventures, Haun Ventures, Ripple, Translink Capital, and Mirana Ventures. Previously, the company completed $38 million in Series A funding in July.Velocity is headquartered in London, and its platform aims to help payment companies and banks use stablecoins for settlement, liquidity, and fund management without replacing existing systems. CEO Eric Queathem, who previously worked at Worldpay, which handled over $2 trillion in payment volume annually, believes that for the past 15 years, capital has been concentrated on improving the consumer front-end experience, while the back-end settlement layer has been neglected.Visa's involvement is particularly noteworthy, as Velocity does not believe that stablecoins will replace bank cards, but rather expects blockchain digital assets to take on more funding and settlement functions beneath the existing payment experience. Queathem anticipates that in the next five years, global enterprises will hold on-chain assets, and the partial on-chain funding of enterprises will create a greater infrastructure demand than merely stablecoin deposits and withdrawals.