Antler Investor Memo Collection: Blockchain funds gateway Syrax is rewriting the principles for retailers utilizing crypto

Early stage funding firm Antler Australia lately backed a brand new cohort of startups as a part of its ongoing program to construct nice native tech firms.

Startup Every day is sharing the main points of every enterprise within the “Antler Investor Memos” collection, which is designed to present you a fast,  sharp understanding of the startups and folks concerned, with many in search of comply with up capital following Antler’s preliminary pre-seed funding.

Firm: Syrax  

Formation date: 2022

Stage of enterprise: Pre-Seed

Founders: Sanjeev Rao and Babak Rafat 

Present traders: Antler

Presently elevating: Sure

The enterprise

Regardless of current turbulence, the rise of cryptocurrency as a viable cost technique continues as blockchain turns into an more and more strong different to legacy techniques. Over one quarter of Australians now personal or have owned cryptocurrency, in accordance with the Independent Reserve Cryptocurrency Index.

All whereas,  funds progress is anticipated to proceed at a compound annual growth rate of 21.5% by 2026.

A decentralised cryptocurrency cost resolution, Syrax, is a multi-chain crypto cost gateway for safe transactions on the blockchain, permitting customers and retailers to ship and obtain funds immediately. In doing so, it ensures there may be non-custodial possession by a 3rd social gathering which suggests people’ belongings are protected.

Because it stands right now, it’s typically difficult for people to make safe cryptocurrency funds on to retailers ​as centralised suppliers require ‘Know Your Buyer’ (KYC) data, whereas retailers typically have reservations about holding cryptocurrencies resulting from liquidity considerations. 

Syrax offers an agnostic cryptocurrency cost expertise with full interoperability for a person to pair their pockets and cryptocurrencies of alternative.

The consumer checkout expertise is quick and frictionless and retailers can obtain steady cash or Central Financial institution Digital Forex (CBDC) to assist alleviate any considerations in regards to the stability of the funds obtained. For retailers accepting cryptocurrency funds, the cost time per transaction is immediate minimising money circulate considerations, whereas points with chargebacks brought on by fraudulent exercise are eliminated.

Antler funding thesis

“Syrax’s decentralised and non-custodial funds resolution is a compelling providing inside the ever-evolving cryptocurrency panorama. The interoperability of the product permits retailers a seamless conversion pathway on the level of checkout, eradicating the friction of conventional prolonged KYC processes,” mentioned Cath Rogers, Companion at Antler Australia.

“Our conviction within the founding staff stems from Sanjeev and Babak’s in depth expertise inside the funds and e-commerce industries, coupled with spectacular pilot initiatives secured inside months of our preliminary funding.”

Traction/milestones 

Since securing Antler’s preliminary funding late final yr, Syrax has secured two pilot initiatives with e-commerce and market companions, with a number of different discussions for nationwide partnerships underway.

Syrax has engaged various giant monetary establishments in high-level discussions to combine their CBDCs. It will type a major a part of varied pilot packages defining how they’ll work together with clients and different cryptocurrencies. 

Newest funding

Pre-Seed from Antler

Use of funds

With Antler’s Pre-Seed funding, Syrax has doubled down on its engineering capabilities to develop its MVP and repair its pilot initiatives. Alongside strengthening its direct gross sales pipeline and go-to-market technique.  

Syrax is constant to refine its product options forward of upcoming pilot initiatives. From right here, the main focus will shift to the event of recent cost features and enterprise instruments.

The founders say

“Our imaginative and prescient for Syrax is to be a world-leading decentralised cryptocurrency cost supplier. We imagine that ease of use and non-custodial funds are the primary steps towards consumer confidence. Being a non-custodial third social gathering supplier retains the facility of possession with the consumer,” mentioned Sanjeev Rao, co-founder of Syrax. 

“Syrax is a pockets and crypto agnostic for cause. We all know some customers need to use decentralised cryptocurrencies solely. We all know some Retailers will solely ever use a CBDC or stablecoin. In doing so, Syrax needs to be adaptable to distinguish our use case so customers can in the end resolve how they make funds.

“And with that, we see Syrax as a whole cost resolution for any type of cryptocurrency cost.

“With in depth expertise inside the retail, e-commerce and funds industries, now we have purpose-built Syrax to be globally scalable from day one with a singular benefit within the cost panorama.

“We’ve been extremely lucky to have Antler’s steering, assist and funding.”

What’s subsequent?

Antler, a world early-stage VC, is revealing all its newest investments made in formidable Australian founders and startups. With over 100 investments in early-stage firms, Syrax is one among its most up-to-date portfolio firms.

• StartupDaily is the official media companion of Antler in Australia.