VelaFi Raises $20M as Stablecoin Payments Expand in Latin America
Stablecoin infrastructure company VelaFi secured $20 million in Series B funding to scale its cross-border settlement services.Summary
VelaFi, a stablecoin-based financial infrastructure company under Galactic Holdings, announced it raised $20 million in a Series B funding round, led by XVC and Ikuyo, bringing its total funding to over $40 million. This capital infusion is earmarked for expanding its enterprise payments and settlement services across Latin America, the United States, and Asia, as well as supporting licensing efforts and infrastructure development. Founded in 2020, VelaFi connects local banking systems, global transfer networks, and stablecoin protocols, offering services like fiat on/off-ramps and cross-border payments via its platform and APIs. The funding comes amid growing stablecoin adoption in Latin America, driven by inflation and remittances, though some regional central banks, like Mexico's, have expressed caution regarding potential financial stability risks associated with stablecoins.
(Source：Cointelegraph)