- Bridge’s Goals
- Orchestration and Issuance APIs
- Stablecoin Advantages and Challenges
Web3 payment platform Bridge, co-founded by former Square and Coinbase employees Zach Abrams and Sean Yu, successfully raised $58 million in funding, according to Fortune.
Bridge’s Goals
The firm aims to build a global payment network centered around stablecoins, challenging traditional payment systems like SWIFT and credit cards. Investors include Sequoia, Ribbit, Index, and Haun Ventures.
Orchestration and Issuance APIs
Bridge’s platform is designed to simplify the integration of stablecoin transactions into existing financial systems. The company offers two core services: Orchestration and Issuance. The Orchestration service provides APIs to convert between different dollar formats such as USD, EUR, USDC, PYUSD, and USDT. The Issuance service enables developers to convert these dollar formats into customized stablecoins.
Stablecoin Advantages and Challenges
Stablecoins like USDT and USDC offer several advantages over traditional fiat currencies, including lower transaction fees and faster settlement times. However, they have faced challenges related to stability and transparency. The collapse of TerraUSD in 2022 and USDC’s temporary loss of its peg in 2023 raised questions about their reliability. Nevertheless, the Bridge team believes their fintech background gives them an edge in overcoming these challenges.
The $58 million in funding is expected to help Bridge expand its services and bring stablecoin solutions to a broader audience. The firm has already begun forging strategic partnerships, including a collaboration with Bitso for business-to-business cross-border payments in Latin America.
