The cryptocurrency industry, despite its rapid growth, faces challenges in accessing mainstream banking services. Traditional banks often struggle to comprehend the crypto landscape, creating a divide that hinders both parties. UK-based Fiat Republic has emerged as a Web3 enabler, aiming to bridge this gap by fostering collaboration between crypto platforms, traditional banks, and regulators.
About Fiat Republic
Founded in 2021 by fintech and banking experts Adam Bialy, Martyna Lewinska, and Sophie Guibaud, Fiat Republic operates as a Banking-as-a-Service platform. The company recently secured $7 million in a seed extension round, with investments from notable entities like Kraken Ventures, Fabric Ventures, Arca, and others. This funding will drive growth, facilitate strategic hires, strengthen banking partnerships, and expand into new territories.
Funding Details
Fiat Republic’s latest $7 million funding round included first-time investors like Kraken Ventures and Fabric Ventures, alongside existing supporters such as Speedinvest and Seedcamp. This capital injection follows a $2.5 million funding round last year, emphasizing the industry’s recognition of Fiat Republic’s pivotal role in reshaping the relationship between traditional finance and crypto platforms.
Aligning Traditional Finance with Crypto Providers
Fiat Republic’s mission is to alter perceptions of cryptocurrencies in the traditional financial world. By bringing together various crypto platforms, the platform aims to foster positive relationships with traditional banks and regulators. The company offers a unified solution for crypto platforms to connect with banks, streamlining regulatory compliance and combining traditional finance security with integrated banking services.
Regulatory Milestones
Fiat Republic has achieved significant regulatory milestones, holding a full electronic money institution (EMI) license from De Nederlandsche Bank (DNB). This enables the platform to provide regulated financial services across the European Economic Area, complementing its existing EMI license in the UK. The Dutch license allows Fiat Republic to offer payment services and issue e-money to EEA crypto platforms, showcasing its commitment to compliance, security, and collaboration with regulators.
CEO’s Perspective
Adam Bialy, CEO and co-founder of Fiat Republic, expressed confidence in the company’s vision and future trajectory. The acquisition of the Dutch EMI license allows Fiat Republic to operate across the entire European Union, emphasizing the platform’s commitment to high compliance standards and collaboration with regulators.
Conclusion
Fiat Republic‘s $7 million funding infusion is a testament to its commitment to revolutionizing the Banking-as-a-Service landscape. By fostering collaboration between traditional banking and web3, the platform is poised to redefine the banking experience for crypto platforms across Europe.
FAQs
How does Fiat Republic plan to use the $7 million funding?
Fiat Republic intends to utilize the funding for growth and expansion, strategic hires, strengthening banking partnerships, and entering new territories. Additionally, the capital will be directed towards improving accessibility to banking and payment services for cryptocurrency platforms.
What regulatory licenses does Fiat Republic hold?
Fiat Republic holds a full electronic money institution (EMI) license from De Nederlandsche Bank (DNB), enabling the provision of regulated financial services across the European Economic Area. The platform also possesses an established EMI license in the UK.
How does Fiat Republic plan to bridge the gap between traditional banks and crypto platforms?
Fiat Republic aims to bring together various crypto platforms to collaborate and build positive relationships with traditional banks and regulators. The platform offers a unified solution, combining traditional finance security with integrated banking services, making it easier for crypto platforms to comply with regulations.
