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 an Aug. 29 Fortune report. The firm aims to build a global payment network centered around stablecoins, challenging traditional payment systems like SWIFT and credit cards.
New Investments and Platform Goals
The firm received investments from venture firms such as Sequoia, Ribbit, Index, and Haun Ventures. These funds will help Bridge expand its services and bring stablecoin solutions to a wider audience. The company's founders, Zach Abrams and Sean Yu, express their excitement about achieving the goals they have been working on for over 2.5 years.
Bridge Platform Features
The Bridge platform offers two core services: Orchestration and Issuance. The Orchestration service provides APIs that allow users to easily convert between different dollar formats such as USD, EUR, USDC, PYUSD, and USDT. This service ensures seamless cross-border payments and currency exchanges with low fees and instant settlements. On the other hand, the Issuance service enables developers to convert these dollar formats into customized stablecoins, allowing businesses to offer digital dollar-based services tailored to their specific needs. These services help companies integrate stablecoins into their operations, making the payment system more efficient.
Stablecoin Advantages and Challenges
Stablecoins like USDT and USDC have reached significant market capitalizations, offering several advantages over traditional fiat currencies, including low transaction fees and faster settlement times. However, stablecoins have also faced challenges related to their stability and transparency. For instance, the collapse of TerraUSD in 2022 raised concerns about the reliability of stablecoins. Bridge's founders believe that their fintech background gives them a unique edge in addressing these challenges, and they aim to build a stablecoin platform that is reliable and accessible to a broad range of users.
Bridge has gained substantial financial support to create a global payment network based on stablecoins. With Orchestration and Issuance services, Bridge aims to simplify the integration of stablecoins into existing financial systems, making payment processes more efficient and accessible.
Comments