Infrastructure startup Merge has closed a $9.5 million seed round led by Octopus Ventures. Other participants include Hashed, Coinbase Ventures, Ethereal Ventures and Alameda Research.

The company offers Web3 businesses access to banking, payments, risk management and compliance through an API.

The company’s solutions allow users to collect and hold funds for themselves and their clients, and to convert cryptocurrencies into fiat money and vice versa, subject to regulatory compliance.

Merge solves the problems of crypto exchanges, wallets and DeFi protocols that are being denied service by many traditional financial institutions.

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