Noah, a startup building infrastructure for stablecoin payments, has announced a $22m (£16.3m) seed funding round led by LocalGlobe.
The London-based company is betting big on the future of stablecoins – digital cryptoassets tied to fiat currencies like the US dollar or British pound. Noah said the technology combines the reliability of traditional assets with the borderless agility and security of blockchain currencies.
The aim is to build a stablecoin payment system that allows for faster and cheaper cross-border payments than traditional platforms.
“The rise of stablecoin represents a fundamental reshaping of global finance,” said Shah Ramezani, chief executive of Noah.
“Our platform is building the vital infrastructure for businesses to fully leverage this revolution, making international payments as fluid as data transmission and equipping them for this profound evolution in how value moves.”
Ramezani said the company was projecting the global market value of the stablecoin market to be as high as $2tn by 2028.
“Having seen Adyen’s growth firsthand, I recognise that stablecoins represent an even more profound shift,” added Thijn Lamers, president of Noah.
“Traditional processors optimize within existing constraints. We’re eliminating those constraints entirely. Our platform gives businesses the fastest, cheapest, most transparent way to move money globally and our mission is to make legacy cross-border payment methods look antiquated.”
Alongside LocalGlobe, Noah has been backed by Felix Capital, FJ Labs and a handful of angels.
The British government has been slowly warming to the idea that cryptoassets could form a significant element of the economy of the future.
Classic crypto assets, Bitcoin and Ethereum, have enjoyed more institutional approval in British financial markets and the Treasury is planning to include details on the integration of sterling-backed stablecoins in the economy in its upcoming crytoasset regulatory framework.
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