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Crypto payment company Utorg announced it has raised $5m in a seed funding round co-led by Dragonfly, TA Ventures and Hypra.
Utorg aims to provide fiat-to-crypto solutions, allowing users to buy crypto with fiat via multiple payment methods. Utorg is developing an app that supports fiat-to-crypto, which is expected to be launch by the end of 2022. The app will also have features like self-custody, digital wallets and fiat bridges, and will be able to integrate with third-party apps.
The fund raised will be used to bring in more IP licences, add to its headcount and look into more revenue generation channels.
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