The companies say the move will eliminate bottlenecks in the moving and settling of Japanese yen associated with traditional financial rails.
Three trading platforms focused on the retail market have participated in the $4.75 million Series C for a crypto settlement service.
Banxa plans to leverage custody and settlement infrastructure from exchange platform Zero Hash.
Crypto derivatives platform Seed CX will be axing its exchange arm to focus solely on settlements, while also teasing additional funding from Bain Capital.