June 1 – June 7 (Published June 11th)
PERSPECTIVES by Steve Payne
17 Crypto Private Financings Raised: $41M
Rolling 3-Month Average: $359M
Rolling 52-Week Average: $399M
Deals Over $50M: 0
Very few financings were announced in the last week. AUDD raised $15M for its fully reserved, 1:1 AUD-backed stablecoin designed for payments, settlement, and cross-border use cases. AUDD’s stablecoin is an Australian digital dollar that is blockchain agnostic, available on the Ethereum blockchain as an ERC-20 token, and natively on Stellar, XRP Ledger, Solana, Hedera, XDC Network, Base, and Redbelly Network. We discussed JPYC’s financing a few weeks ago here.
In the second-largest deal announced last week, and continuing in the payments theme, Singapore-based WasabiCard closed its Series Pre-A financing round, bringing total capital raised to nearly $10M. The round was backed by Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC. Proceeds will fund expansion of WasabiCard’s global payment infrastructure, international growth, and continued compliance investment.
WasabiCard operates as a global payment infrastructure platform that connects stablecoin liquidity to real-world financial applications. Its enterprise-facing product suite spans global card issuing, payout infrastructure, stablecoin-powered payment processing, and programmable payment workflows, including nascent capabilities supporting AI agent-initiated transactions. Since launch, the company reports serving more than 500 enterprise clients, issuing over 500,000 cards, and processing in excess of $1 billion in cumulative transaction volume.
WasabiCard joins a cohort of recently funded companies targeting the stablecoin-to-real-world payments layer. Architect has tracked over 400 payment company financing rounds and over 75 acquisitions since 2022. BVNK raised a $50M Series B in late 2024 to expand its stablecoin treasury and payment rails for enterprises, and then was acquired for $1.8B by Mastercard in March, the largest exit to date in crypto payments (Architect M&A Alert here). On June 1, OpenPayd went public via a deSPAC with Titan Acquisition Corp at a $1.145B valuation. In May, Payward (Kraken) acquired Reap, a payments infrastructure provider offering corporate card issuance, cross-border B2B payments, and stablecoin treasury tools, for $600M (Architect M&A Alert here). In January of this year, Polygon Labs announced it intended to acquire Coinme, a regulated crypto-as-a-service provider (Architect was the exclusive financial adviser, link here), and simultaneously announced the acquisition of Sequence to enable payment flows across blockchain networks as part of Polygon’s stablecoin payments system, its Open Money Stack.
For a bigger-picture view of crypto in payments, please see Architect’s 3-part discussion linked here.
