Sling focuses on cross-border money transfers and aims to send money to almost anyone in the world at a low cost through Solana. Users only need to search for the recipient's name, enter the amount to be transferred, and then it will be automatically converted into local currency.
Written by: 1912212.eth, Foresight News
As the crypto market has been sluggish for a long time, many voices continue to question the excessive infrastructure construction in the market. Protocol layers are everywhere, but there are very few valuable applications that can truly solve the problem. Perhaps, stablecoins are actually one of the underestimated applications.
Stablecoins are somewhat boring in the various narratives of the crypto market. Without price fluctuations, no one will get rich from them. Only when the market encounters a black swan, there will be panic and discussion about the decoupling of stablecoins.
Stablecoins build a bridge between the two parallel worlds of the traditional world and the crypto world. Countless funds come and go, making mutual benefits possible. For the crypto world, the growth of stablecoins also witnesses the rapid development of the market.
Recently, the stablecoin payment platform Sling Money completed a $15 million Series A financing, led by Union Square Ventures, with participation from Ribbit Capital and Slow Ventures. How did Sling get financing during the general market downturn?
Focus on cross-border transfers
Sling focuses on cross-border fund transfers, aiming to send money to almost anyone in the world instantly at a very low cost, without having to consider banking infrastructure. Initially, it mainly used USDC on its Solana as a transfer payment tool and medium, but later, for operational and cost considerations, Sling switched to the stablecoin USDP, which is a digital dollar under the US Paxos Trust Company and is regulated by the New York Department of Financial Services. It is worth mentioning that the official said in the introduction that in some cases in the future, users will gain benefits from the stablecoin USDP they hold.
The Sling wallet is self-custodial, and ownership of funds and private keys belong entirely to the user.
Sling has launched its Apple and Android apps. Users only need to search the recipient's name and enter the amount to be transferred, which will then be automatically converted into local currency. Any user in the world can receive the funds in a short time.
At present, the official said that the transfer is free, but there are plans to charge fees in the future. The specific plan will be disclosed in the future.
Play with the process
After downloading and registering the APP, the payee needs to bind his or her debit card to the platform first, and then he or she can transfer money directly through search.
If you canât find your recipient through search, you can also send them a Sling link via a chat app, airdrop, or even a QR code, and the recipient will be able to withdraw the funds to their Sling wallet.
Currently, Sling supports more than 50 countries and regions, mainly in Europe and Africa.
Sling plans to support more countries and regions in the future and increase its usage frequency through debit cards, Solana Pay, etc. Although major exchanges and some crypto wallet applications have already entered the global APP stage, the laws, regulations and regulatory policies of various countries and regions are still like a tight ring, causing two major problems in cross-border fund transfers, time and cost. How Sling will perform in the future is still worth paying attention to.
