Stablecoin Payment Network Bridge, Founded by Ex-Square and Coinbase Executives, Raises $58M
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Bridge, a global stablecoin payment network founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has raised $58 million in funding.
The funding round saw contributions from major investors including Sequoia, Ribbit, and Index Ventures, according to a Fortune report.
Of the $58 million, $40 million came from recent investments by Sequoia and Ribbit, underscoring the growing interest in the potential of stablecoins to revolutionize global finance.
Bridge’s platform is designed to facilitate cross-border payments using stablecoins, offering a faster and more cost-effective alternative to conventional financial networks.
This has attracted high-profile clients, including SpaceX and Coinbase.
SpaceX, in particular, utilizes Bridge’s services to handle payments in multiple currencies, converting them into stablecoins for integration into its global treasury operations.
Bridge has raised a total of $58M in funding since its launch
Bridge (@StableCoin), a Web3 payment firm, has secured a total of $58M in funding since its launch. Started by former @coinbase and #Square employees, the firm has backers including @sequoia, @RibbitCapital,… pic.twitter.com/OJSmL24yd9
“Fintech is deeply rational. If you can do something that is faster, cheaper, and more economical, you win,” Abrams said in an interview with Fortune.
He claimed that this philosophy is at the core of Bridge’s ambition to reshape the payments landscape.
In addition to its partnerships with leading firms, Bridge also collaborates with cryptocurrency platforms
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