Shield, a crypto neo-bank, raised a $5 million seed round led by Giant Ventures. This funding supports its platform for international business transactions using US cryptocurrencies.
Launched in 2022, Shield pivoted to payments in 2024. It enables exporters and importers to conduct transactions in US cryptocurrencies. Furthermore, it provides compliance screenings against sanctions and money laundering threats.
Shield addresses slow, expensive international wires for trade businesses.
Many companies in Latin America, Africa, and parts of Asia face limited access to US dollars. Consequently, Shield aims to expand market reach and profit for these businesses. The platform, therefore, leverages stablecoins for efficient international payments.
Shield operates as a Money Service Business in the US. Moreover, it is registered as a crypto exchange in the EU. This infrastructure supports secure crypto cross-border payments.
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The company has processed over $100 million in payments since its launch. Notably, $40 million of this volume occurred in the last month.
Other investors in the round include a16z crypto startup accelerator and Factor Capital. Both Coinbase and Bank of America participated as strategic angel investors. Shield has raised $7 million to date for its crypto cross-border payments solution.
