Transak completes $16 million strategic funding, led by IDG Capital and Tether

According to reports, the Web3 payment infrastructure company Transak has completed a $16 million strategic funding round, co-led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company stated that approximately 30% of the $2 billion transaction volume comes from stablecoin liquidity, and it has already obtained compliance licenses in several countries, including the United States, the United Kingdom, the European Union, Canada, Australia, and India. Currently, Tether holds over 60% market share in the stablecoin market.