With each passing day, the cryptocurrency industry appears to hold some potential beyond the surface as more and more organizations keep making efforts to get a substantial share of the market.
CACEIS, the European custody bank with $4.96 trillion in assets under custody, has been reported to be working with Metaco, a Swiss tech firm, to build its crypto custody arm.
On the African scene, adoption of cryptocurrency doesn't appear to be slowing down anytime soon as recent report by Chainalysis has ranked Africa 3rd fastest growing cryptocurrency market. Crypto trading platforms are not going to be deterred as a handful are working behind the scenes to bring an easier way of trading as Luno recently announced that Nigerian traders would be able to withdraw and deposit funds soon.
Funding Rounds, Valuations & IPOs
Tiger Global is at it again with the aggressive funding drive it seemed to have displayed across portfolios since Q1 2021 and this time it is in Indonesia, where it led a $150m funding round in fintech Xendit that also has achieved unicorn status following that round. It also led an $100m series C funding in 22-month-old India startup, Apna, which has seen the startup enter unicorn territory.
Other of its recent investment includes leading a $26 million Series A for logistics robotics startup Ambi, and another direct investment of $50 million for Locus Robotics.
Following an oversubscribed Series E funding round, Airwallex has raised $200 million that brings the valuation of the fintech payments startup to $4 billion. The round was led by Lone Pine Capital and had the participation of Vetamer Capital, Salesforce Ventures, Sequoia Capital China and a few other investors.
Acquisitions, Partnerships & Expansion
Quite a number of countries have been joining forces together after the lockdown and more so since the Q1 2021. On the news more recently is India and Singapore linking their payments systems to enable 'instant and low-cost' cross-border transactions.
are taking partnerships a notch higher beyond the usual alliance between two
companies as Citi, BNY Mellon and Verizon
team on real-time bill payments. Tapping on BNY Mellon's new
real-time electronic bill and payment service, the partnership will see Verizon
customers who have bank accounts with Citibank pay their bills immediately with
simplified reconciliation at lower cost.
PagoNxt, Banco Santander's payment fintech, has also recently acquired 70% of its Mexican tech partner Mercadotecnia, Ideas y TecnologÃa (MIT). According to PagoNxt COO, "the acquisition of MIT marks another step in our quest to make Getnet the go-to payments business in Latin America and Europe with the best and most well-rounded service for our clients on both sides of the Atlantic."