Stablecoin infrastructure startup WSPN has secured $30 million in a seed round to accelerate its mission of adopting next-generation stablecoins.
Funding and Participants
Worldwide Stablecoin Payment Network (WSPN) has attracted $30 million in seed funding. The August 16th press release mentions that the round was led by Foresight Venture and Folius Ventures, supported by Hash Global, Generative Ventures, Yunqi Partners, and RedPoint China.
WSPN's Goals and Plans
Founded by former employees of Visa and Paxos, WSPN has gained backing from over 30 cryptocurrency exchanges, more than 10 wallets, as well as various payment institutions and market makers. The Singapore-based startup also offers its own stablecoin products, such as WUSD and WEUR, backed by cash, cash equivalents, and short-term treasury bills.
Regulatory Challenges and Market Outlook
While the financial terms of the round were not disclosed, WSPN's 'Stablecoin 2.0' approach involves the introduction of a 'governance token' to allow users to influence the ecosystem's development. The recent funding will enable WSPN to accelerate the development and adoption of this new technology. At the same time, the stablecoin market faces uncertainties, as new European regulations require strict cash reserve compliance.
With substantial capital raised, WSPN seeks to expedite the adoption of next-generation stablecoins while navigating new regulatory challenges in the global market.
Comments