Blab Crypto
Velocity Secures $38 Million Series A to Expand Enterprise Stablecoin Treasury Platform
Velocity just raised $38 million in a Series A that pushes its total capital close to $50 million, giving the London‑based firm a fresh runway to turn corporate treasuries into on‑chain workhorses.
The round was led by crypto‑focused venture Dragonfly and New York‑based FirstMark Capital, with a strong chorus of backers that included Capital One Ventures, Coinbase Ventures, QED Investors, Activant Capital, Ripple and Wintermute Ventures. The mix of institutional and crypto‑centric investors signals a growing conviction that stablecoins can move beyond payments.
Velocity’s platform is aimed squarely at treasury professionals rather than retail users. By fusing stablecoin infrastructure with traditional banking rails, it offers compliance tooling, custody, liquidity management and settlement orchestration—all wrapped in a single interface. CEO Eric Queathem explained that the firm’s focus has always been on treasury teams, noting that "stablecoins are moving beyond payments and becoming core infrastructure for how businesses manage and move money globally."
Dragonfly’s general partner Rob Hadick highlighted the platform’s unique ability to bridge legacy payments and banking infrastructure with on‑chain settlement networks, while QED Investors partner Gbenga Ajayi stressed that a winning treasury solution is one that fits into the processes teams already use.
The presence of Capital One Ventures is particularly noteworthy. The corporate‑venture arm of the U.S. card‑issuing giant had not previously invested in stablecoins, and its participation signals a shift from observation to conviction among mainstream financial institutions. This comes as U.S. lawmakers advance a federal licensing framework for stablecoin issuers and the EU’s Markets in Crypto‑Assets (MiCA) regulation establishes a compliance baseline for euro‑denominated stablecoins.
Velocity is entering a crowded market. Established cross‑border payment providers such as Nium, Thunes and Airwallex already address treasury friction through conventional rails, while a cohort of stablecoin‑native infrastructure firms—including Bridge (acquired by Stripe in late 2024) and BVNK—are building similar enterprise‑focused settlement layers. The commercial question for Velocity is whether the stablecoin rail delivers a measurable cost or speed advantage that justifies the switching costs for finance teams currently served by incumbent processors and correspondent banking networks.
The company plans to deploy the proceeds across four areas: expanding its global banking and payments network, accelerating product development, deepening regulatory capabilities and servicing growing enterprise demand. Velocity has not disclosed revenue, transaction volumes or named enterprise customers in its announcement, so those metrics will be crucial when assessing whether the platform’s traction matches the fundraising narrative.
In the short term, Velocity’s next milestones will include obtaining regulatory approvals in target markets, expanding its banking network and announcing any publicly named partnerships with payment processors or financial institutions. The company’s ability to demonstrate real‑world usage will be a key indicator of its competitive positioning.
Overall, Velocity’s Series A round underscores growing institutional interest in stablecoin‑based treasury solutions. With a sizable capital base to pursue its expansion plans, the firm now faces the challenge of proving that its hybrid model can deliver the cost and speed benefits needed to persuade corporate treasuries to shift from traditional payment rails to on‑chain settlement.
The round was led by crypto‑focused venture Dragonfly and New York‑based FirstMark Capital, with a strong chorus of backers that included Capital One Ventures, Coinbase Ventures, QED Investors, Activant Capital, Ripple and Wintermute Ventures. The mix of institutional and crypto‑centric investors signals a growing conviction that stablecoins can move beyond payments.
Velocity’s platform is aimed squarely at treasury professionals rather than retail users. By fusing stablecoin infrastructure with traditional banking rails, it offers compliance tooling, custody, liquidity management and settlement orchestration—all wrapped in a single interface. CEO Eric Queathem explained that the firm’s focus has always been on treasury teams, noting that "stablecoins are moving beyond payments and becoming core infrastructure for how businesses manage and move money globally."
Dragonfly’s general partner Rob Hadick highlighted the platform’s unique ability to bridge legacy payments and banking infrastructure with on‑chain settlement networks, while QED Investors partner Gbenga Ajayi stressed that a winning treasury solution is one that fits into the processes teams already use.
The presence of Capital One Ventures is particularly noteworthy. The corporate‑venture arm of the U.S. card‑issuing giant had not previously invested in stablecoins, and its participation signals a shift from observation to conviction among mainstream financial institutions. This comes as U.S. lawmakers advance a federal licensing framework for stablecoin issuers and the EU’s Markets in Crypto‑Assets (MiCA) regulation establishes a compliance baseline for euro‑denominated stablecoins.
Velocity is entering a crowded market. Established cross‑border payment providers such as Nium, Thunes and Airwallex already address treasury friction through conventional rails, while a cohort of stablecoin‑native infrastructure firms—including Bridge (acquired by Stripe in late 2024) and BVNK—are building similar enterprise‑focused settlement layers. The commercial question for Velocity is whether the stablecoin rail delivers a measurable cost or speed advantage that justifies the switching costs for finance teams currently served by incumbent processors and correspondent banking networks.
The company plans to deploy the proceeds across four areas: expanding its global banking and payments network, accelerating product development, deepening regulatory capabilities and servicing growing enterprise demand. Velocity has not disclosed revenue, transaction volumes or named enterprise customers in its announcement, so those metrics will be crucial when assessing whether the platform’s traction matches the fundraising narrative.
In the short term, Velocity’s next milestones will include obtaining regulatory approvals in target markets, expanding its banking network and announcing any publicly named partnerships with payment processors or financial institutions. The company’s ability to demonstrate real‑world usage will be a key indicator of its competitive positioning.
Overall, Velocity’s Series A round underscores growing institutional interest in stablecoin‑based treasury solutions. With a sizable capital base to pursue its expansion plans, the firm now faces the challenge of proving that its hybrid model can deliver the cost and speed benefits needed to persuade corporate treasuries to shift from traditional payment rails to on‑chain settlement.
