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Fiat Transforming the Crypto-Banking Landscape with a $7M Boost

Enter the scene-stealer, Fiat Republic, a UK-based web3 maestro on a mission to shake up the crypto world
December 21, 2023

Where innovation knows no bounds, the relationship between crypto platforms and traditional banking has often been a challenge. Crypto's booming landscape often finds itself at odds with mainstream banking services. Enter Fiat Republic, the UK-based web3 enabler that's rewriting the narrative by fostering collaboration between crypto and banking. Recently securing a substantial $7 million in a seed extension round, Fiat Republic is set to revolutionize the Banking-as-a-Service (BaaS) landscape.

While crypto rides the wave of a current boom, the struggle for acceptance within mainstream banking persists. Big banks, often grappling with a lack of understanding of crypto, turn away potential collaborations. Fiat Republic steps into this gap, acting as a catalyst to unite crypto platforms, regulators, and traditional financial institutions.

Fiat Republic's recent funding round, raking in $7 million, is a testament to its commitment to bridging the gap between crypto and traditional finance. Notable first-time investors, including Kraken VenturesFabric Ventures, Arca, Inovo.vc, and Pretiosum Ventures, joined existing backers SpeedinvestCredo Ventures, and Seedcamp in supporting Fiat Republic's vision.

The capital injection aims to propel Fiat Republic's growth trajectory. Strategic hires, fortified banking partnerships, and expansion into new territories are on the agenda. With a focus on enhancing accessibility to banking and payment services for cryptocurrency platforms, this funding follows last year's $2.5 million investment, showcasing sustained investor confidence.

Founded in 2021 by fintech and banking experts Adam Bialy, Martyna Lewinska, and Sophie Guibaud, Fiat Republic seeks to redefine how cryptocurrencies are perceived in the traditional financial world. The platform serves as a unifying force, bringing different crypto platforms together to cultivate positive relationships with traditional banks and regulators.

Fiat Republic offers a streamlined approach, providing a single gateway for crypto platforms to engage with banks, ensuring compliance with regulations in one cohesive space. This amalgamation of traditional finance security and integrated banking services positions Fiat Republic as a trailblazer in the evolving web3 landscape.

Notably, Fiat Republic holds a full electronic money institution (EMI) license from De Nederlandsche Bank (DNB), allowing the provision of regulated financial services across the European Economic Area. This complements their existing EMI license in the UK, operational for over a year. The Dutch license empowers Fiat Republic to offer payment services and issue e-money to EEA crypto platforms through their developer-friendly API.

Adam Bialy, CEO and Co-founder of Fiat Republic, expressed confidence in the company's trajectory, citing the Dutch EMI license as a pivotal move. This expansion positions Fiat Republic to operate across the entire European Union directly, emphasizing their commitment to compliance, security, and collaborative regulation adherence.

Investors, recognizing Fiat Republic's pioneering vision, express confidence in its potential impact on the Banking-as-a-Service landscape. Michal Benedykcinski, SVP at Arca, emphasizes their belief in making industry standards accessible to all market participants. Anil Hansjee, General Partner at Fabric Ventures, sees Fiat Republic's innovative approach as timely and crucial for the evolution of financial services.

As Fiat Republic's journey unfolds with this significant investment, it not only signifies a boost for the company but also mirrors a broader shift in redefining the banking experience for crypto platforms across Europe. The infusion of funds aligns with Fiat Republic's mission to reshape the conversation around cryptocurrencies, harmonizing the worlds of traditional banking and web3. The future looks promising as Fiat Republic charts a course to revolutionize the crypto-banking landscape.

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