In a significant step forward, a payment technology company has announced plans to utilize new funding to enhance its infrastructure and expand its services. The firm aims to build capacity, extend its reach into new regions, develop additional tools for merchants, facilitate cross-border transactions, and ensure ongoing reliability and compliance, as detailed in a recent blog post.
Among its offerings is the Speed Merchant, a global payment layer designed for merchants, platforms, and payment systems, allowing the acceptance of both Bitcoin and stablecoins. Additionally, the company offers the Speed Wallet, a Lightning wallet that caters to both individuals and businesses. This wallet enables transfers of Bitcoin and stablecoins, supports global payouts, provides local on- and off-ramps, and facilitates transactions with USDT (Tether).
CEO Niraj Patel emphasized the company’s belief in the potential of Bitcoin and stablecoins to revolutionize everyday payments. He stated that achieving this vision necessitates robust infrastructure characterized by speed, compliance, and scalability. Patel described the new investment as both a validation of their mission and a catalyst for accelerating their growth.
Co-founder Jayneel Patel elaborated on the company’s progression from a merchant solution to a comprehensive global payment network. He expressed confidence in their readiness to undertake the next phase of development.
The funding round saw participation from notable backers, including stablecoin issuer Tether and the venture fund ego death capital. Tether underscored its investment as part of a broader strategy to bolster Bitcoin-aligned financial infrastructure and enhance the utility of its USDT stablecoin in practical payment environments. CEO Paolo Ardoino remarked on the importance of supporting initiatives that streamline payments and provide reliable settlement systems.
In a recent blog post, Adam Gebner from ego death capital highlighted Speed’s impressive performance, noting that the company processed over $1.5 billion in payment volume over the past year and serves more than 1.2 million users. He pointed out that by integrating Lightning and stablecoins on a single compliant platform, Speed is establishing itself as foundational infrastructure, catering to merchants, platforms, and users across both developed and emerging markets.
