Stably navigates volatile markets and expands platform to power next billion Web3 users, achieving notable legal, compliance, technology, and finance milestones in 2022.
As we reflect on the past year, it’s clear that 2022 was challenging for the industry. Amidst industry volatility, Stably emerged as a shining example of resilience, showcasing its ability to navigate through challenges while continuously pushing the boundaries of innovation and growth.
Our key highlight for the year was Stably closing our $5M Series A Round, led by Morgan Creek Capital, Jackson Fu from CREAM & Partners, and Sunny Lu from VeChain. This funding enables Stably to continue to grow and develop our platform and bring more value to our customers and community.
As important as the funding round was, we also had another significant milestone: the launch of our new product, Stably Ramp. Stably Ramp is a leading fiat-to-stablecoin gateway, offering low friction payment options such as Fedwire, SWIFT, ACH, and instant ACH, with superior exchange rates compared to other fiat ramps for stablecoins. Once integrated with a DeFi aggregator in Q2, Stably Ramp will become omnichain, offering access to 100+ digital assets on 25+ networks, including popular stablecoins such as USDC, USDT, USDS, BUSD, DAI, and FRAX. With a focus on self-custody settlement, users receive purchased assets directly in their non-custodial wallet, reducing custody risk and increasing security. Stably Ramp offers worldwide coverage, supports 40+ currencies and 200+ countries/regions, making it the top choice for Web3 Builders to enable their users to buy/sell stablecoins using traditional bank payments.
In addition to Stably Ramp, we made significant strides in legal and compliance. We officially registered our wholly-owned Wyoming subsidiary with FinCEN as a money service business (MSB) in 2022 and created and implemented extensive MSB policies and procedures to ensure compliance with BSA/AML regulations. We registered as an MSB because it strengthens the partnership with our regulated custodian, Prime Trust, in ensuring user security and BSA/AML compliance for stablecoin activities. It also enables us to offer more products/services in the US compliantly while still leveraging Defi innovations.
We also continued to focus on technology and product development, expanding the platform to support a broader range of blockchain networks, including XRP Ledger, VeChain, Harmony, and Polymesh. This helped increase Stably’s total platform transaction volume to more than $180 million in 2022, a growth of 32% YoY, with over $70 million in total fiat on and off-ramped volume and and increase of OTC volume by a magnitude of 700% YoY. Our financials remained strong, despite the challenging market conditions. We maintained a stable burn rate and have more than two years of runway.
“2022 has been a tremendous year for Stably, marked by significant milestones, including registering with FinCEN as a money service business, launching Stably Ramp, and expanding our platform to support a wider range of blockchain networks. We are incredibly grateful for the support of our investors and community and more determined than ever to continue powering the next billion Web3 users with better fiat-to-stablecoin on/off-ramps” – Kory Hoang, CEO of Stably.
As we move into 2023, we are filled with excitement and inspiration as we look to build on the progress we’ve made and continue pushing the boundaries of what’s possible in the world of blockchain-based financial services. We have several exciting developments in the works, including LI.FI integration, new assets support (cryptos & NFTs), more stablecoins, more payment methods, support for foreign currencies, and the expansion of USDS and Stably Ramp to more emerging chains. In 2023, we are particularly interested in the Cosmos ecosystem and look forward to expanding in that domain. We also anticipate a Series A round in 2023 to scale our business further.
Stablecoins will play a vital role in the future of finance, and we are honored to be at the forefront of this rapidly-evolving industry. As we look back on 2022, it is clear that the crypto industry has had its share of ups and downs. Still, through it all, the Stably team has remained committed to our mission of powering the next billion Web3 users with a better fiat gateway and stablecoin payment infrastructure. We have navigated the challenges and emerged even more robust, and we are deeply grateful for the support of our customers, partners, investors, team members, and families.
We have big plans for 2023, and we can’t wait to share them with you. Thank you for being part of our story, and we look forward to continuing to build a better future together and onboarding the next billion Web3 users. Stay tuned for what’s to come!
Stably is a venture-backed FinTech from Seattle, Washington. We provide regulatory-compliant stablecoin and onramp infrastructure for emerging blockchains, Web3 applications, and financial institutions, enabling their users in 170+ countries/regions to easily buy, sell, or swap digital assets at competitive rates across multiple blockchain networks with stablecoins and fiat payments. Our mission is to power the next billion Web3 users with a superior fiat & stablecoin onramp.
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