Payment Platform built with Stablecoins Bridge raises $58 million in funding

Bridge, a stablecoin global money movement, announced that it has raised $58 million in funding from Index, Haun Ventures, Ribbit, Sequoia, Index, and others, according to a post on X.

Founded by former employees of Square and Coinbase, Bridge is developing a stablecoin-powered money transfer network that provides services like payouts, international money transfers, and currency exchange. In order to facilitate cross-border payments between businesses in Latin America that are supported by stablecoins, the company announced that it has already partnered with Bitso.

The article explaining how local currencies create global problems stated that if your country has uncontrolled hyperinflation and an unstable economy, you're stuck and unable to protect your savings or engage in the economy. Your access to opportunities shouldn't be determined by where you were born. But all too frequently, it does.

For example, Nigerian consumers frequently lack the funds to purchase international goods like Netflix, Udemy, ChatGPT, and others. They are unable to use credit or debit cards, and international retailers are unable to take payments in their local currency.

Meanwhile, basic necessities like milk and bread frequently see overnight price increases of 20–30% for Argentina's consumers. For example, less than 40% of every dollar given to an international relief organization actually reaches the beneficiary. These cross-border payments, which cost business owners 3-4%, take days to settle if you are a Mexican owner of a company and must pay a foreign vendor. The expenses related to gathering, converting, and sending money are very high.

Stablecoins, as we have long believed, offer the answer. A large portion of our team led the creation, introduction, and operation of USDC, the first regulated, scaled stablecoin in the United States, while they were employed at Coinbase. Since then, stablecoins have grown to handle billions of dollars' worth of payments annually in hundreds of nations. We are even more convinced now than we were in 2018 that stablecoins represent a new payment system with the power to address these pressing global economic issues.

Bridge offers the most effective, safe, and scalable system for using stablecoins to rebuild financial services worldwide. With us, traditional exchanges, wallets, and blockchains are free of fees and friction. We're developing a brand-new method for transferring and accessing money, the post added.

We are developing orchestration and issuance as a service for stablecoins. Simple APIs are offered by Orchestration to make it simple to convert between any two dollar formats, including USD/EUR, USDC, PYUSD, USDT, etc. Developers can use issuance to turn any of these dollars into a stablecoin that they can modify and use to their advantage. The orchestration and issuance APIs for Bridge enable any team or business to offer digital dollar-based services to their end users or businesses.

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