Crypto-to-Fiat CPU swap raises $1.85 million

Swapin, a European Union-licensed crypto-fiat payments processor, closed a private investment round and raised €1.68 million ($1.85 million).

Swapin’s new funds will enable it to increase its market share and support the launch of two business-to-business (B2B) products.

The company was previously known as PiixPay, and the new name Swapin will represent “a broader vision for future development”, the company said.

Swapin also plans to roll out a new website and app. The new vision will include “greater clarity” between B2C and B2B services, and close the gap between companies working with fiat and cryptocurrency users.

The release says Swapin offers two solutions: CoinCollector, which allows businesses to accept cryptocurrency payments without worrying about crypto-related compliance or accounting, and E-com, a widget that merchants can Integrate with any website to accept crypto and instantly convert to fiat.

“We are excited to continue our journey as Swapin. The recently announced updates are confident steps towards solving the main challenge we face in demolishing the visible gap between digital and traditional finance,” said Evald Hannes-Kree, CEO of Swapin. “The investments raised prove that we are on the right track,” he added.

Read more: As Bill Requiring 100% Cash Reserves for Stablecoins Debuts, USDC Chooses BNY Mellon as Custodian

PYMNTS wrote that a bill introduced in both the US House and Senate last month attempted to set quality standards for the liquidity pools behind many stablecoins, also requiring public disclosure. of these assets.

The Stablecoin Transparency Act comes as regulators and lawmakers have openly expressed their desire for more clarity about the actual stability of stablecoins, which are individually backed by the US dollar or other fiat currencies.

The bill would require stablecoin issuers to back them with US dollars or US government securities with maturities of less than one year.

Additionally, USD stablecoin issuer Coin Circle announced that it has selected Bank of New York Mellon as the depository for $52 billion in reserves.

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