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Cryptocurrency News Articles
Bridge, a Stablecoin Payment Network Co-Founded by Former Square and Coinbase Execs, Raises $58M From Sequoia, Ribbit, and Index
Aug 30, 2024 at 07:53 pm
Bridge aims to create a worldwide payment network centered around stablecoins to compete with established payment methods like credit cards and Swift.
Bridge, a global stablecoin payment network, has secured $58 million in funding from investors including Sequoia, Ribbit, and Index.
The company, founded by former Square and Coinbase executives Zach Abrams and Sean Yu, aims to create a worldwide payment network centered around stablecoins to compete with established payment methods like credit cards and Swift.
According to reports, Abrams and Yu left their respective roles at Square and Coinbase in 2023 to pursue their goal of making stablecoins the “new global payments rail.”
“Fintech is deeply rational. If you can do something faster, cheaper, and more economical, you win,” Abrams told Fortune in an interview.
The $58 million fundraising round includes a previously undisclosed $40 million investment led by Sequoia and Ribbit.
With $58 million in financing, Bridge hopes to broaden its customer base and enhance its stablecoin offerings. The company has already started forming strategic alliances, including one with Bitso to use stablecoins to facilitate cross-border payments between businesses in Latin America.
Integrating stablecoin transactions into financial systems
Bridge’s platform aims to facilitate incorporating stablecoin transactions into existing financial systems. The organization’s two main services are issuance and orchestration.
The Orchestration service offers APIs that make it simple for customers to convert between several dollar forms, including USD, EUR, USDC, PYUSD, and USDT. This service guarantees minimal costs, quick settlements, easy cross-border payments, and currency conversions.
“We built Bridge as a low-level set of APIs that would enable companies to use a stablecoin rail without thinking about it,” Abrams states.
However, developers may create a bespoke stablecoin by converting these currency types using the Issuance API. This adaptability enables companies to provide digital dollar-based services catered to their requirements.
Bridge wants to enable businesses to easily incorporate stablecoins into their operations with the help of these services, making payment systems more effective and affordable.
The rise of stablecoins
Stablecoins have grown tremendously over the last two years; Tether, the market leader, is valued at over $118 billion, while USDC is valued at $34 billion.
However, the asset class has also had to deal with events that have raised doubts about whether it is “stable.”
The collapse of TerraUSD in 2022—a so-called algorithmic stablecoin that relied on a correlated cryptocurrency rather than a fiat reserve to maintain its $1 peg—sparked a larger crypto crisis that resulted in congressional hearings and regulatory probes.
As it was revealed that its issuer, Circle, had placed billions of dollars worth of reserves with the failing Silicon Valley Bank in 2023, USDC momentarily lost its peg on secondary markets. However, USDC swiftly rebounded as it was revealed that the FDIC would guarantee the bank’s deposits.
Stablecoins have recovered despite the challenges and the ongoing absence of federal legislation that would regulate the emerging industry.
However, it needs to be determined how much of the volume is generated by actual users instead of bots and large-scale dealers.
While certain TradFi firms, like Stripe, have started to incorporate USDC into their services, other companies, including PayPal and VanEck, have introduced or supported their stablecoins.
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