Peak XV Partners, formerly known as Sequoia India & South East Asia, led the round, joined by strategic investor Shorooq Partners, which is a technology investor in the Middle East and North Africa. Triple-A specialises in facilitating quick and 24/7 global transactions, eliminating currency volatility risks, all while adhering to stringent regulatory compliance standards.
The company holds a Payment Institution Licence from the Monetary Authority of Singapore (MAS), as well as one from the central bank of France, which allows it to conduct payment transactions across all EU member states. Additionally, the company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and intends to further enhance its regulatory framework in various countries to ensure a safe and compliant environment for merchants.
The primary objective of Triple-A is to enhance the global payment ecosystem by bridging the gap between traditional finance and blockchain-supported payments. In a recent partnership with Singapore's largest Apple product reseller, iStudio, Triple-A enabled customers to make cryptocurrency payments at selected iStudio outlets. Prominent brands such as Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap have also integrated Triple-A to offer cryptocurrency as a payment option.
In the company press release, officials from Triple-A, expressed their belief in the transformative potential of stablecoins and other digital currencies in cross-border transactions. They emphasised the company's mission to offer a comprehensive suite of products for businesses to manage and transfer funds globally.
Officials from Peak XV highlighted the value of a blockchain-based digital infrastructure in enhancing the efficiency, speed, and liquidity of cross-border payments. They believe that this infrastructure, encompassing stablecoins and centrally backed digital currencies (CBDCs), holds the potential to revolutionise global business transactions.
Earlier in 2022, the startup raised USD 4 million in seed funding, which laid the groundwork for its platform. Triple-A maintains a global presence with offices in Singapore, Miami, Hong Kong, Paris, and Barcelona.
In August 2023, Singapore Red Cross joined forces with Triple-A to accept donations in various cryptocurrencies such as Bitcoin and Ethereum.
Specifically, Singapore Red Cross integrated cryptocurrency as a newly accepted means of donation in collaboration with Triple-A and its crypto payment gateway authorised by the Monetary Authority of Singapore (MAS). The move came just ahead of Singapore's National Day.
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