November 4 (SeeNews) - Romanian crypto liquidity solutions provider ZoidPay said it secured an investment commitment of $75 million (76.6 million euro) from Bahamas-based digital investment firm GEM Digital.
ZoidPay plans to use the funding to develop Web 3.0 architecture for financial services, while scaling the first on-demand metaverse, facilitating the first-ever bank acquisition by a blockchain firm, and launching a Web 3.0 app, the startup said in a press release on Thursday.
The startup is preparing to release a full suite of Application Programming Interfaces (APIs) and Software Development Kits (SDKs) for B2B clients aiming to build Web 3.0 financial service applications and decentralised applications.
"The investment from GEM is a massive validation of what we are striving to achieve at ZoidPay. To have the financial commitment of one of the leading global alternative investment groups is the ideal backing we need to manifest a roadmap that will etch ZoidPay as the backbone of the Web 3.0 open architecture," Eduard Oneci, CEO and Co-founder at ZoidPay, said.
ZoidPay also plans to launch ZETA, an on-demand decentralized metaverse sustained with augmented reality (AR), virtual reality (VR), and extended reality (XR) features. The metaverse will allow retail users to explore shopping while giving them access to Web 3.0 financial services and other reality-expanding experiences.
The startup also said it is in the advanced stages of acquiring a digital bank, aiming to play a part in the transition from traditional financial services to decentralised finance through Web 3.0.
ZoidPay’s will also build a fintech app which will all its services and digital offerings under the same umbrella.
Founded in 2018, ZoidPay booked revenues of 201,123 lei ($40,290/41,150 euro) in 2021, while netting a 268,548 lei loss, latest data from the finance ministry’s website shows.
GEM Digital is a digital asset investment firm based in The Bahamas that sources, structures and invests in utility tokens on over 30 centralised and decentralised exchanges (CEXs and DEXs) globally.
In July, GEM Digital committed to a $35 million investment in Travel Coin, a Romanian-based crypto-token startup, Travel Coin stated in a press release at the time.
(1 euro=4.8876 lei)