US-based neobank iPeakoin has raised nearly USD 10 million in a Series A funding round led by China-based venture capital firm ZhenFund. According to Yahoo, the company has garnered attention in the fintech sector for its focus on bridging traditional finance and the crypto industry.

iPeakoin's product suite targets diverse industries, including advertising, gaming, global trade, and Web 3.0 projects. The offerings encompass a Crypto Wallet for Enterprises, facilitating the management of large-volume digital assets, a Global Account streamlining the 'Know Your Business' process for fiat settlement, exchange, and payment, the Quantum Virtual Card, which is a multi-currency business credit card for online payments, as well as Particle Treasury, which provides yields for idle funds backed by US T-bills. As part of its efforts to support crypto adoption, iPeakoin addresses the need for a banking platform capable of managing both crypto payments and traditional financial services.

The platform aims to reduce onboarding time significantly compared to traditional banking, allowing businesses to initiate operations within days. A focus on emerging markets Yahoo further reports that iPeakoin's services hold particular significance in emerging markets, where crypto is increasingly utilised as a trading and investment asset. The company also facilitates cryptocurrency payments between emerging-market countries and companies in developed markets, in a bid to tap into a previously underserved sector.

Officials from iPeakoin emphasised the importance of crypto in cross-border corporate transactions for business operations.They also talked about the growing trend of multinational corporations utilising crypto for various reasons, especially in countries with economic instability and volatile currency exchange rates. Company representatives also underscored the positive development of regulators formulating relevant policies to guide compliant practices in the use of crypto by companies in traditional industries. iPeakoin is actively investing in building banking infrastructures across multiple continents, including the Middle East, Latin America, and India.

The company expressed its commitment to swift expansion and local capability development, involving collaboration with local banks or payment providers and navigating ambiguous local regulations to ensure compliance and anti-money laundering standards. Other developments from iPeakoin According to iPeakoin, its vision is centred on creating a new generation of banking for global businesses, providing better control over business funds and simplifying transactions. In February 2023, iPeakoin unveiled its Card as a Service (CaaS), designed to introduce crypto-to-card payment solutions to the broader economy.

The concept of crypto-backed cards has emerged as a practical solution to bridge the gap between the crypto ecosystem and real-world transactions. These cards aimed to provide users with the ability to spend their digital assets, such as Bitcoin and Ethereum, in everyday transactions, eliminating the requirement for merchants to directly accept these assets as payment methods. .