Svmuu News: Crypto bank Augustus announced the completion of a $180 million funding round,bringing the company’s valuation to $1 billion. The funding is aimed at building a 24/7 financial infrastructure that connects traditional payment systems with stablecoin networks. This round was led by Tiger Global Management, with participation from Hummingbird, QED, and investors including the founding teams of Nubank, Ramp, Circle, and Deel.
Augustus stated that as stablecoins gradually transform the global financial system, the traditional correspondent banking model is facing efficiency bottlenecks. The company aims to establish a federally chartered clearing bank for fintech companies and financial institutions to replace traditional cross-border payment infrastructure.
Unlike stablecoin issuers, Augustus does not plan to issue its own stablecoin; rather, it aims to provide the underlying banking infrastructure that enables financial institutions to freely transfer funds between traditional payment networks and blockchain networks.Currently, Augustus provides euro clearing services through its regulated Finnish entity, processing tens of billions of euros in transactions annually. Its clients include international financial institutions, fintech companies, banks, and crypto firms, among them the crypto trading platform Kraken. (CoinDesk)