[Digital Today reporter Chi-gyu Hwang] Crypto on-ramp solution Fun raised $72 million in a Series A round, The Block reported on May 1 local time.

The investment was co-led by Multicoin Capital and Signalfire.

Fun plans to use the funds to operate a small engineering-focused organisation. It will open a new office in Singapore and move to expand in the Asia-Pacific region. It is also considering potential acquisitions.

Founded in 2022, Fun supports deposit, withdrawal and settlement flows for major crypto apps such as Polymarket, Lighter and Aave through blockchain networks. It provides backend on-ramp infrastructure that allows users to buy cryptocurrency with fiat currency, like MoonPay, Ramp Network and Transak.

Alex Fine (알렉스 파인), Fun's founder and chief executive officer, said, "We are focused on removing technical barriers to value exchange." He said, "Money movement infrastructure has not evolved to fit how the real world works. We are building a system where value can move instantly around the world without friction."

Crypto-related venture investment deal activity is declining overall, but demand for investment in infrastructure and crypto financial services is still continuing, The Block said.