Crypto Neo-Bank Shield Raises $7M to Revolutionize International Transfers
Crypto neo-bank Shield has secured a significant boost, raising $7 million in total. The company, which enables swift international money transfers using stablecoins, aims to expand businesses' global reach and increase profits.
Shield's latest funding round, a $5 million seed round, was led by Giant Ventures. This round was introduced to Shield by a fellow founder. Joining Giant Ventures were notable investors such as Chris Dixon's a16z, Factor Capital's crypto startup accelerator, Coinbase, and Bank of America.
Shield has already partnered with two major banks, Banco Safra and Carver Bancorp, to facilitate its services. The company is registered as a money service business in the US and a crypto exchange in the EU, ensuring regulatory compliance. Shield's goal is to harness blockchain technology to solve real-world problems, specifically the slow and expensive nature of international wire transfers. It performs rigorous compliance checks to secure these transactions, preventing fraud, sanctions, and money laundering.
With $7 million raised to date, Shield is well-positioned to revolutionize international money transfers. Its partnerships with major banks and backing from prominent investors signal a promising future for the crypto neo-bank. By leveraging blockchain technology and ensuring robust security measures, Shield hopes to increase access to global markets and boost businesses' profits.
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