London-based payment startup Velocity has raised $38 million in a Series A funding round led by crypto venture capital firm Dragonfly. The round saw participation from Coinbase, Capital One Ventures, and Wintermute. Founded in 2025, Velocity offers stablecoin-based solutions for cross-border settlement and treasury management, targeting global merchants and financial institutions. The company plans to use the new capital to expand into African and Latin American markets by applying for necessary licenses. Additionally, Velocity aims to enhance its asset custody infrastructure and develop yield-bearing stablecoin products to cater to the complex needs of large enterprises in treasury and cross-border settlements.