Flexa, a New York-based crypto payment network, has secured $14.1m investment.
The move comes ahead of the firm’s public launch next month.
Pantera Capital, 1kx, Nima Capital, Access Ventures, along with other strategic partners led the latest funding.
Pantera Capital CIO Joey Krug said: “Flexa is one of those extremely rare applications in the cryptocurrency space that actually touches consumers in an impactful way while also solving a major problem of high fees in payments today.
“I’m excited to see people actually be able to spend their crypto!”
Flexa was set up in 2018 by Tyler Spalding, Trevor Filter, Zachary Kilgore, as well as Daniel McCabe.
Payments on the Flexa network will be settled using blockchain techmology.
This is said to lower expenses, overhead, and fraud for retailers using the network.
The firm also plans to introduce a mobile app that will enable clients to make practical use of cryptocurrencies.
Commenting on the fundraising, Spalding said: “The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa’s going to change that, and very quickly.
“With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”