Quick take:
- Tether’s investment is particularly important for Pave Bank’s plans to enhance real-time treasury capabilities and facilitate instant settlements.
- The funding “signals confidence in the integration of digital assets within mainstream financial systems,” Pave Bank said.
- The company believes its focus on programmability and resilience positions it well to address the evolving financial industry shaped by digital assets.
Pave Bank, a commercial banking platform that allows users to transact with multiple assets and currencies, has raised $39 million in a funding round led by venture capital firm Accel. The fundraising also attracted participation from Tether Investments, the investment arm of Tether, the issuer of the USDT stablecoin, alongside Wintermute.
Pave Bank plans to use the funds to accelerate the development of its compliant platform that seamlessly integrates traditional finance and digital assets. According to the announcement, Tether’s investment allows Pave Bank to enhance real-time treasury capabilities and facilitate instant settlements.
The funding “signals confidence in the integration of digital assets within mainstream financial systems,” Pave Bank said. The company believes its focus on programmability and resilience positions it well to address the evolving financial industry shaped by digital assets.
The platform claims to offer 24/7 online banking access and the ability to create subaccounts for “better financial organisation.”
“Programmable banking represents the next stage in financial evolution,” a statement on the Pave Bank website reads. “As money and value become an operating system, Pave Bank enables the power of code to deliver automation beyond what’s possible with APIs and build on top of your money and assets.”
The company describes its programmable banking system as the “first true operating system for money” that lets users upload code to automate and manage both digital and traditional assets and currency.
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