Stablecoin Platform Velocity Raises $38 Million Series A Led by Dragonfly and FirstMark

According to The Block, Velocity, a stablecoin treasury and settlement platform, raised $38 million in a Series A funding round on Tuesday, led by Dragonfly and FirstMark with participation from Coinbase Ventures, Ripple, Activant Capital, Capital One Ventures, QED Investors and Wintermute Ventures.

The startup has now raised nearly $50 million since May. Velocity's platform enables enterprises and financial institutions to hold, move and settle funds using stablecoins while connecting to traditional banking infrastructure. The new capital will fund expansion of the company's global banking network, product development and regulatory capabilities.