Swapin, a European Union-licensed crypto-to-fiat payments processor, has closed a private investment round and raised €1.68 million ($1.85 million).
Swapin’s new funds, will make it able to increase its market share and support the launch of two business-to-business (B2B) products.
The company was formerly known as PiixPay, and the new Swapin name will represent “a broader vision for future development,” the company said.
Swapin also plans to roll out a new website and app. The new vision will include “greater clarity” between B2C and B2B services, and closing the gap between businesses working with fiat and cryptocurrency users.
The release said Swapin has two solutions: CoinCollector, which lets businesses accept payments in cryptocurrency without dealing with crypto-related compliance or accounting, and E-com, a widget merchants can integrate with any website to accept crypto instantly convert it to fiat.
“We are excited to continue our journey as Swapin. The recently announced updates are confident steps towards resolving the key challenge we face demolishing the visible gap between digital and traditional finance,” said Evald Hannes-Kree, the CEO of Swapin. “The investments raised prove that we are on the right track,” he added.
PYMNTS wrote that a bill introduced both in the U.S. House and Senate last month tried to set quality standards for the cash reserves behind many stablecoins, also requiring public disclosure of those assets.
The Stablecoin Transparency Act comes as regulators and lawmakers have been open about wanting more clarity on the real stability of stablecoins, which are backed one-to-one with the U.S. dollar or other fiat currencies.
The bill would require stablecoin issuers to back them with U.S. dollars or U.S. government securities with maturities of less than a year.
In addition, USD Coin stablecoin issuer Circle announced that it had selected Bank of New York Mellon for its custodian for $52 billion in reserves.