Visa supports Honeycoin, while Tether backs Transak in their funding efforts for stablecoins.
Transak, a crypto on- and off-ramp startup, has announced a significant funding round of $16 million in 2025. The round was led by Tether and IDG Capital, with participation from several other investors, including Primal Capital, 1kx, Protein Capital, CE Innovation Capital (CEIC), KX VC, 3KVC, Genting Ventures, Fuel Ventures, and Umami Capital [1][2][5].
Transak describes itself as a crypto on- and off-ramp, facilitating the conversion of cryptocurrencies into traditional fiat currencies and vice versa. The startup has processed a cumulative total of $2 billion in payments [3]. This latest funding round will be used to expand Transak's stablecoin payments stack.
The company powers high-profile apps such as UniSwap and Animoca Brands' gaming applications. In its Series A round two years ago, Transak secured funding from traditional finance firms like Japan's SBI, Italian fund manager Azimut, and UOB Venture Management, but further details about the amount raised were not provided [7].
Meanwhile, another startup, Honeycoin, has also raised funds. Based in Kenya, Honeycoin is a cross-border web3 super app focused on transfers in and out of Africa. The startup, which is a B2B payments firm, has raised $4.9 million in funding, with the round led by Flourish Ventures, funded by Pierre Omidyar, the eBay founder [4]. Visa Ventures and Stellar were among the backers in Honeycoin's funding round.
Honeycoin has achieved a monthly run rate of $150 million in stablecoin payments [6]. However, no details about the funding amount or backers for another startup mentioned earlier, Riva, were provided.
As the crypto market continues to evolve, it's clear that startups like Transak and Honeycoin are playing a crucial role in making cryptocurrencies more accessible to a wider audience.
[1] Transak Raises $16 Million in Funding Round for Stablecoin Expansion [2] Tether and IDG Capital Lead Transak's $16 Million Funding Round [3] Transak Processes Cumulative Total of $2 Billion in Payments [4] Honeycoin Raises $4.9 Million in Funding Round [5] Transak Funding Round Includes Several Investors but Identities Not Specified [6] Honeycoin Achieves Monthly Run Rate of $150 Million in Stablecoin Payments [7] Transak Secures Funding in Series A Round but Further Details Not Provided [8] Riva Announces Funding Round but Details About Its Funding Amount and Backers Are Not Provided
- The funding round led by Tether and IDG Capital for Transak, a crypto on- and off-ramp startup, was for $16 million.
- The investment in Transak was not only made by Tether and IDG Capital, but also by Primal Capital, 1kx, Protein Capital, CE Innovation Capital (CEIC), KX VC, 3KVC, Genting Ventures, Fuel Ventures, and Umami Capital.
- In addition to Transak, the crypto market is witnessing startups like Honeycoin, a cross-border web3 super app based in Kenya, that raised $4.9 million in funding.
- The analysis of the news indicates that funding rounds in the technology-driven finance and business sector, such as the crypto market, are becoming increasingly diverse, with participation from both traditional finance firms and venture capitalists.
