According to BlockBeats news on December 12, cross-border stablecoin payment company Sphere announced the completion of a $5 million financing round, led by Coinbase Ventures and Kraken Ventures.
The funds raised will be used to further invest in regulatory compliance and risk management functions. Sphere was founded by Arnold Lee and Luigi Charles in 2022, and it enables cross-border payments in stablecoins between businesses by collaborating with global fintech companies and licensed remittance service providers, allowing stablecoins to be exchanged for local fiat currency at the destination.