Crypto neo-bank Defend introduced on Monday that it has raised a $5 million seed spherical led by Big Ventures.
The corporate launched in 2022 and pivoted to funds in 2024. It permits exporters and importers to conduct cross-border transactions in U.S. cryptocurrencies, whereas additionally offering compliance screenings, comparable to addressing sanctions and money-laundering threats.
Emmanuel Udotong, co-founder and CEO, mentioned he and his crew began Defend as a result of they have been “disillusioned by the shortage of competing mainstream use instances for crypto.” In the meantime, “unhealthy actors” stored filling the area — and the headlines.
“We needed to assist convey blockchain expertise into the actual financial system by fixing actual issues,” Udotong advised cryptopressnews. So he teamed up together with his brother Isaiah and his faculty finest pal, Luis Carchi, to handle how stablecoins might be utilized in worldwide funds, as that was a ache level the trio confronted once they final tried to construct a commerce enterprise.
“Right now, commerce companies in areas like Latin America, Africa, and elements of Asia usually wait days or even weeks for worldwide wires, pay excessive charges, and in lots of instances, can’t entry U.S. {dollars} in any respect,” Udotong continued. “Many firms face restricted commerce corridors, much less purchaser alternatives, stunted progress, and, in too many instances, failure.”
That’s the place Defend is available in, which Udotong mentioned hopes to let worldwide companies amplify their attain — and revenue — by increasing entry to clients in several markets. The corporate is registered as a cash service enterprise within the U.S. and registered as a crypto change within the EU.
Crypto has had a roaring comeback this previous yr, minting new unicorns and nabbing lots of of hundreds of thousands of {dollars}, after a reputationally laborious previous few years. Defend mentioned since its launch, it has processed greater than $100 million in funds, $40 million of which got here simply from the final month. However Defend is coming into a crowded area of opponents of dozens of startups and large names like PayPal’s Xoom and Stripe’s Bridge.
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Defend met its lead buyers, Big Ventures, by means of a fellow founder. Others within the spherical embrace Chris Dixon’s a16z’s crypto startup accelerator, Issue Capital, alongside Coinbase and Financial institution of America as strategic angel buyers. It has raised $7 million so far, the corporate mentioned.
The recent capital will likely be used to safe extra banking partnerships, as the corporate already has two primary banking companions, although it declined to reveal precise names. It’ll additionally look to proceed constructing out its compliance product.
“That features increasing licensing protection, upgrading transaction monitoring and fraud detection, and rising our compliance crew headcount and experience,” Udotong mentioned.
Total, Udotong hopes the corporate will assist give companies extra of a good likelihood whereas competing on a world scale.
“If we succeed, extra companies in underserved areas will survive and develop, creating jobs and wealth for his or her communities as an alternative of being left behind,” he mentioned.
