Crypto Startup Speed Bags $8 Mn To Fuel Global Expansion

Blockchain payment platform Speed has raised $8 Mn (INR 72.1 Cr) in a funding round led by global stablecoin network Tether’s investment arm, Tether Ventures. Bitcoin-focussed VC firm Ego Death Capital also participated in the round.

The startup plans to utilise the fresh capital to accelerate global expansion, scale its payment infrastructure, create a cross-border payment ecosystem for creators and gig workers, innovating merchant tools and launching a platform for developers to build applications on top of Speed’s network.

The startup will also enhance focus on regulatory compliance, especially as laws regarding the blockchain ecosystem continue to remain murky and restrictive in many parts of the world.

Founded by Neeraj and Jayneel Patel in 2021, Speed offers a global digital payment platform that is built on Bitcoin’s Lightning Network, which itself is built on top of Bitcoin’s blockchain to facilitate quick off-chain transactions. While the startup is headquartered in Las Vegas, US, a majority of its workforce operates via its office in Gujarat, India.

The startup aims to fill gaps in the global fiat payments ecosystem, which is often slow, costly and fragmented. For context, fiat currencies are issued and backed by governments and their value is not reliant on physical assets like gold or silver. Cryptocurrencies, in contrast, are issued by blockchain networks and private entities rather than nation-states.

Speed’s users can complete peer-to-peer (P2P) payments through Bitcoin and stablecoins on its payment gateway, which it claims to be faster and cheaper than traditional payment channels.

Speed has an additional layer for merchants, platforms and payment systems to facilitate one-second settlements that are compliant, low cost and processed globally. The startup launched a cyrpto wallet in 2023 for both merchants and individuals to store and move funds, with a claimed 1.2 Mn users globally.

The startup says its platform processes 10 Bn Bitcoin and stablecoin payments annually with a transaction volume exceeding $1 Tn.

“Bitcoin and stablecoins have been mired in speculation for too long. Speed is making them usable for commerce, creators, and global payments. Lightning gives us speed. Stablecoins give us stability. Support from Tether and Ego Death Capital validates our vision for the world’s most efficient payment rail,” CEO Niraj said.

Prior to Speed, the brothers had founded Orderhive, a SaaS automation startup for streamlining ecommerce operations like inventory management and order processing for merchants globally. Orderhive was acquired by American firm Cin7 in 2021, and operations were discontinued in 2024.

The investment came at a time when India’s cryptocurrency industry continues to await regulatory clarity. Most crypto companies in India, which were pulling in multi-million dollar investments and unicorn tags just a few years back, now work in the shadows while navigating a very unfavourable yet unclear regulatory landscape.

Gains from digital assets are also taxed at a much higher rate in India, which has led to the exodus of millions of investors. However, many still continue to invest in crypto, as is evident from Coinbase’s undisclosed investment in Indian startup CoinDCX last October. This propped the domestic exchange’s post-money valuation to $2.45 Bn, highlighting continued interest from both global investment firms and the country’s retail investors in the ecosystem.