TechFlow reported on July 31 that crypto payment API provider Layer2 Financial announced the completion of a $10.7 million Series A financing round led by Galaxy Ventures, with participation from Accomplice and Sapphire Ventures. The company aims to "revolutionize the way global funds flow" to challenge Swift's dominance in cross-border payments.

CEO Bhanu Kohli said the company's long-term goal is to replace Swift in the next 10 years and establish operations in multiple countries around the world to achieve cross-border funds transfer based on blockchain. The platform provides compliant multi-currency payments, and customers can receive, pay and convert currencies through APIs, supporting multiple payment methods such as ACH, Fedwire, Swift, SEPA, etc. Currently, Layer2 Financial has obtained regulatory licenses in about 34 states in the United States and holds relevant licenses in Canada and Europe.

Mike Giampapa, partner at Galaxy Ventures, said that Layer2's infrastructure makes cross-border B2B payments faster, more transparent and more cost-effective, especially in the context of using digital assets and stablecoins. Layer2's platform has the unique potential to subvert the traditional payment ecosystem. The financing will be used to promote product development, expand into new markets and team growth.