Crossmint Raises $23.6 Million to Expand Platform for Building Blockchain Apps

Crossmint has raised $23.6 million to continue expanding its solutions that help companies and developers build blockchain applications.

The company’s platform enables users to build blockchain applications with a few lines of code and deploy wallets, tokenization, payments, onchain credentials and other building blocks for apps, Crossmint said in a Tuesday (March 18) press release.

The platform is used by both publicly traded companies and startups and has helped them do things like incorporate stablecoins, launch new financial products, build product passports to prevent counterfeiting and develop a rewards program, Crossmint Co-founder Rodri Fernandez said in the release.

“We’re seeing adoption across every sector,” Fernandez said.

Crossmint is also building a framework for AI agent-driven commerce in which AI agents make purchases on behalf of consumers, according to the release.

For this purpose, the company provides wallets, payments and credential APIs that enable AI agents to hold funds, trade assets, and purchase goods and services, the release said.

Crossmint’s funding round was led by Ribbit Capital, per the release.

“Crossmint has demonstrated its ability to unlock new revenue streams and drive cost efficiencies for major brands while building the financial infrastructure for the next generation of AI-powered applications,” Zack Rosen, investor at Ribbit Capital, said in the release.

Blockchain technology is expanding into mainstream industries, with public blockchains gaining traction and challenging the dominance of private networks as advancements bolster their privacy and security features, according to the PYMNTS Intelligence and Solana collaboration, “Blockchain’s Benefits for Regulated Industries.”

The report found that as enterprises become more familiar with public blockchain technologies and their enhanced privacy and security features, they are expected to increasingly adopt public blockchains.

Rakurai, an infrastructure project centered around improving Solana staking, said March 11 that it raised $3 million in a seed funding round to support the launch of its Solana staking platform. The company said at the time in a press release that its technology focuses on optimizing transaction scheduling to improve the efficiency of block creation and increase validator rewards.

In February, Raise secured $63 million in a funding round to accelerate its efforts to bring gift cards and loyalty program on-chain. The company said it will use the new capital to further develop its blockchain-backed gift card program called Smart Cards.