PANews reported on December 12 that, according to Forbes, cross-border crypto payment company Sphere has completed a $5 million funding round led by Coinbase Ventures and Kraken Ventures. The company plans to use the latest round of funding to further invest in regulatory compliance and risk management functions.
According to reports, founders Arnold Lee and Luigi Charles established Sphere in 2022, aiming to create a 'crypto version of Stripe.' Stripe is a cross-border payment company that handles fiat currency transactions. Sphere integrates with global fintech companies and licensed currency exchange services, enabling businesses to transfer funds between different countries using stablecoins.