Crypto onramping solution Fun has raised a $72 million Series A funding round co-led by Multicoin Capital and SignalFire, according to an announcement on Friday. The funding will help support the "deliberately small, engineering-led team," including a push into the Asia-Pacific region with a new Singapore office, and through potential acquisitions.
Founded in 2022, Fun provides background infrastructure to move value across blockchain rails, and powers the deposits, withdrawals, and settlement flows of some of crypto’s leading apps, including prediction market Polymarket, decentralized perps DEX Lighter, and lending protocol Aave.
"Fun is focused on a simple but foundational problem: removing the technological barrier of value exchange," Fun founder and CEO Alex Fine said in a statement. "The infrastructure for moving money has not kept up with how the world actually works. We are building a system where value moves instantly, globally, and without friction."
The startup, which claims to process over $18 billion in transactions annually for users in over 100 countries, is among several backend onramping solutions like MoonPay, Ramp Network, and Transak, among others.
While the number of crypto-related VC deals has been on a downtrend, according to The Block’s data, infrastructure and crypto financial services remain popular categories for investments.
Fun also raised a previously unannounced $3.9 million seed round in 2022, according to Fortune.
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