Stablecoin money movement firm Bridge raises $58 million in funding
Quick Take Started by former Coinbase and Square employees, Bridge is building a stablecoin-powered money movement platform. Bridge’s backers include Sequoia, Ribbit, Index and Haun Ventures.
The web3 payment firm Bridge has raised a total of $58 million in funding.
Started by former Coinbase and Square employees, the firm has backers including Sequoia, Ribbit, Index and Haun Ventures, according to a company post on X.
Bridge is building a stablecoin-powered money movement platform, offering services such as payouts, cross-border payments and exchanging foreign currencies. It has already partnered with Bitso for business-to-business cross-border payments undergirded by stablecoins in Latin America.
"We're building stablecoin Orchestration and Issuance as a service," Bridge explained in the post. "Orchestration provides simple APIs to easily convert between any two dollar formats (USD/EUR, USDC, PYUSD, USDT, etc.). Issuance gives developers the ability to convert any of these dollars into a stablecoin they can customize and benefit from. Our Orchestration and Issuance APIs make it possible for any company and team to offer digital dollar-based services to their end consumers or businesses."
The total stablecoin supply reached 176.6 million as of Aug. 28, The Block's Data Dashboard shows. Tether's USDT holds a 70.7% share of the stablecoin supply, while Circle's USDC accounts for 20.6%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dogecoin Price Could Break Descending Triangle and Spark Violent Rally for DOGE and RCOF
Will Solana Replace Ethereum? Insider Reveals Shocking Predictions
Ethereum reaches $32,000, with a total market value exceeding that of Bank of America