TheBlock
Singapore-based stablecoin payments firm dtcpay has completed a $25 million Series A led initially by Vertex Ventures Southeast Asia & India, with Japan's SBI Group joining as a strategic investor. SBI invested through SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund. Genedant Capital and existing investor Kwee Liong Tek also participated.
The funding follows dtcpay's $16.5 million pre-Series A round in June 2023. The company plans to use the new capital to scale its product suite and merchant network, including a revamped business portal for enterprise clients and new consumer features in its app.
Why it matters
dtcpay is positioning stablecoins as payment infrastructure connecting digital assets with traditional finance. Its platform lets businesses and individuals accept, store and transact in stablecoins, while its point-of-sale service enables merchants to accept stablecoin payments in stores.
The company frames the opportunity around cross-border settlement. It says traditional transfers using SWIFT and correspondent banking networks can involve multi-day settlement cycles and layered intermediary fees, while its system is designed to reduce those frictions. Founder and CEO Alice Liu said the round is intended to change how money moves across borders, not merely sustain the existing business.
Market impact
The investment adds a major Japanese financial group to dtcpay's backers as the company targets scale and wider institutional partnerships. dtcpay has also partnered with Visa on a stablecoin-to-fiat Visa Infinite card for customers in Singapore, linking its payment tools to an established card network.
The next phase will focus on expanding the merchant network, strengthening infrastructure and entering new regulated markets. Chairman Band Zhao said the company wants stablecoin payments to become as seamless and trusted as traditional payment rails, making execution across those partnerships and markets the key measure of the new capital.
Frequently asked questions
-
Who invested in dtcpay's $25 million Series A?
Japan's SBI Group joined as a strategic investor through SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund. Vertex Ventures Southeast Asia & India led the initial tranche, with Genedant Capital and Kwee Liong Tek also participating.
-
How will dtcpay use its new funding?
dtcpay plans to scale its product suite and merchant network. Priorities include a revamped enterprise business portal and new consumer features in its app.
-
What payment services does dtcpay provide?
dtcpay enables businesses and individuals to accept, store and transact in stablecoins. It also offers a point-of-sale service for in-store stablecoin payments.
-
How is dtcpay connecting stablecoins with traditional finance?
The company uses payment infrastructure to connect digital assets with traditional financial services. Its Visa partnership also supports a stablecoin-to-fiat Visa Infinite card for customers in Singapore.
-
What is dtcpay's next expansion focus?
dtcpay plans to strengthen its infrastructure, deepen partnerships with financial institutions and expand into new regulated markets. The company is targeting more seamless cross-border stablecoin payments.
CoinDesk
WuBlockchain
Crypto News
CryptoSlate
Lookonchain
WatcherGuru
Crypto Rank News