MobileCoin’s announced a Series B investment round worth $66 million, the round saw some of the industry’s biggest investors including Coinbase Venture, Alameda Research and a host of others.
MobileCoin, a crypto-focused digital payment ecosystem, announced a just-concluded $66 million investment round on Wednesday as part of a larger drive to bring more of its products and services to market.
Several top venture firms in the blockchain and cryptocurrency industries, including Alameda Research, BlockTower Capital, and Coinbase Ventures, participated in Series B.
Other investors included Berggruen Holdings, General Catalyst, Vy Capital, and TIME Ventures. The funding round was also supported by a number of entrepreneurs and investors.
The funds will be used to expand MobileCoin’s core crypto solutions, including MOBot, the “first cryptocurrency chatbot payment system,” according to the company. The company also intends to expand its merchant services and launch a new stablecoin tethered to the US dollar.
While many people perceive cryptocurrencies to be an alternative asset class, the technology is seen as a major accelerator for facilitating worldwide transactions.
For example, Satoshi Nakamoto’s now-famous Bitcoin (BTC) whitepaper included the concept of peer-to-peer payments. Several companies and protocols are now attempting to unleash the value of cryptocurrency-based payment systems.
Companies like Mastercard and PayPal, which have long controlled the payment industry, have already begun accepting bitcoin payments for their consumers.
CEO Michael Miebach stated during Mastercard’s second-quarter results call in August that his company must be in the cryptocurrency area “because consumers are looking for answers.”
Visa has also confirmed its commitment to building crypto payment onramps, according to Cointelegraph. Stablecoins have the potential to revolutionise global business, according to the payment giant.
