SBI Group has invested $25 million in dtcpay's Series A funding round, enhancing its presence in the stablecoin payments market.
Stablecoin payments company dtcpay has secured $25 million in its Series A funding round, boosted by a significant investment from Japan's SBI Group.
SBI Group's Strategic Investment
The funding, which commenced earlier this year, saw SBI Group participate through its SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Existing supporters, including Genedant Capital and Kwee Liong Tek, also contributed to the round.
Dtcpay facilitates a range of crypto services, including digital asset conversion and custody, and offers a Visa-linked card for stablecoin transactions. With a Major Payment Institution license from the Monetary Authority of Singapore, dtcpay operates globally, including in Europe, Hong Kong, Australia, and North America.
Alice Liu, dtcpay's founder and CEO, emphasized the goal of this funding round, stating, "We raised it to fundamentally change how money moves across borders."
SBI's involvement in this funding aligns with its ongoing strategy to strengthen the connection between Japanese investments and the Southeast Asian market. The firm has been active in the stablecoin sector, recently acquiring Coinhako and increasing its holdings in Ripple.
The capital raised will be directed towards developing an enterprise portal, refining its application, and growing its merchant network, although details on valuation and specific fund usage remain undisclosed.
