Stablecoin Payment Network Bridge, Founded by Ex-Square and Coinbase Executives, Raises $58M #StablecoinSafety
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Of the $58 million, $40 million came from recent investments by Sequoia and Ribbit.
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 to Facilitate Cross-Border Payments
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. #CoinbaseStock
SpaceX, in particular, utilizes Bridge’s services to handle payments in multiple currencies, converting them into stablecoins for integration into its global treasury operations.#SpaceX
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 like the Stellar blockchain and the Bitcoin app Strike.
These collaborations enable the infrastructure necessary for seamless stablecoin transactions, further solidifying Bridge’s position in the fintech ecosystem.
Stablecoin Market Continues to Expand
The stablecoin market continues to expand despite past challenges
As reported, the stablecoin market has seen its total capitalization soar to a record $168 billion after 11 months of consistent growth
