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.
A New Level of Payment Systems
The firm aims to build a global payment network centered around stablecoins, challenging traditional payment systems like SWIFT and credit cards. Among Bridge's backers are Sequoia, Ribbit, Index, and the blockchain-focused Haun Ventures.
Bridge's Key Services
Bridge 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. The Issuance service enables developers to convert any of these dollar formats into a customized stablecoin, allowing businesses to offer digital dollar-based services tailored to their specific needs.
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 also faced challenges, particularly regarding their stability and transparency.
Bridge's vision is to create a payment system that will be reliable and accessible to a wide range of businesses, from crypto startups to traditional fiat companies.
Comments