Infrastructure startup Merge has closed a $9.5 million seed round led by Octopus Ventures with participation from Hashed, Coinbase Ventures, Ethereal Ventures and Alameda Research.

Merge is pleased to announce that we have raised $9.5 million. #seedfunding to build our #API-the first platform to power #banking and #payments for #cryptoconomy. A #financial infrastructure It will be a game changer for #web3 and #crypto businesses.https://t.co/aPH4o8sq7W

— Merge (@merge_now) 30 May 2022

Founded by former PayPal CEO Kebby Sebastian, the firm offers Web3 businesses access to banking, payments, risk management and compliance via an API.

The firm’s solutions allow you to raise and hold funds for yourself and your customers, and to convert cryptocurrencies to fiat or vice versa subject to regulatory compliance.

Consolidation solves the problems of crypto exchanges, wallets and DeFi protocols that are not serviced by many traditional financial institutions.

According to The Block, the UK-based startup will use the proceeds to expand into other regions and acquire new licenses.

Recall that in May, BVNK, a payments startup focused on serving crypto companies, raised $40 million at a valuation of $340 million.