December 12, 2024
Sphere, a cross-border payments platform focused on stablecoins, has raised $5 million in a Series A funding round. Led by industry leaders Coinbase Ventures and Kraken Ventures, the round is a significant step for the company, which aims to revolutionize global payments by using stablecoins instead of traditional fiat currencies.
Founded in 2022 by Arnold Lee and Luigi Charles, Sphere is positioning itself as the "Stripe for crypto" by enabling businesses to conduct cross-border transactions with stablecoins, a type of cryptocurrency tied to the U.S. dollar’s value. The platform integrates with global fintech companies and licensed money transfer services, allowing businesses to transfer funds internationally. Upon arrival, Sphere partners with local banks to convert stablecoins into the local currency, simplifying the process compared to traditional methods.
With its own proprietary API, Sphere is able to process transactions between computers and route global payments efficiently. By working directly with banks, the platform ensures that transfers are completed within 15 to 30 minutes while maintaining strict compliance with local regulations. The company plans to use the newly raised funds to improve its regulatory compliance and risk management efforts, which are critical as it expands its global reach.
About Sphere
Sphere is a cross-border payment solution that leverages stablecoins to facilitate international transactions. The platform enables businesses to send payments using stablecoins, which can later be converted into local currency. Sphere’s integration with fintech and money transfer services, combined with its proprietary API, offers a faster and more efficient solution for global payments.
Website: https://spherepay.co/en
X: @sphere_labs
About Investors
Coinbase Ventures
Coinbase Ventures, the investment arm of the popular cryptocurrency exchange Coinbase, focuses on supporting early-stage projects within the blockchain and crypto space. Coinbase Ventures has backed numerous startups that aim to drive the future of finance.
Location: San Francisco, California
Website: https://www.coinbase.com/ventures
Kraken Ventures
Kraken Ventures, a subsidiary of the global cryptocurrency exchange Kraken, specializes in backing promising blockchain and crypto companies. The firm aims to accelerate the development of the digital asset ecosystem by providing funding and strategic support to startups.
Location: San Francisco, California
Website: https://www.krakenventures.com/
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