Utexo Secures $7.5M Seed for Bitcoin Stablecoin Infrastructure
UAE-based blockchain infrastructure startup Utexo raised $7.5 million in a seed round, led by Tether, to develop enterprise-grade infrastructure for USDT payments on the Bitcoin network. This funding validates the growing demand for stablecoin solutions integrated directly with major blockchain networks.
UAE-based blockchain infrastructure startup Utexo has successfully closed a $7.5 million seed funding round. The investment was led by Tether, with participation from Big Brain Holdings, Portal Ventures, Franklin Templeton, Maven11 Capital, and Fulgur Ventures.
The capital will enable Utexo to build robust enterprise-grade infrastructure. This infrastructure is designed to facilitate the processing of USDT stablecoin payments directly on the Bitcoin network.
This development is crucial for expanding the utility of stablecoins within the broader financial ecosystem and enhancing Bitcoin's transaction capabilities.