Bridge reportedly raised $40 million to support its efforts to build a stablecoin-based payments platform designed to simplify global money movement.
The funding brings the total amount the company has raised to $58 million, CoinDesk reported Friday (Aug. 30), citing a paywalled article by Fortune.
The startup has raised venture funding from Sequoia, Ribbit, Index, Haun Ventures and others, Ledger Insights reported Friday.
Bridge was founded by Zach Abrams and Sean Yu, according to the company’s website. They previously founded Evenly, a peer-to-peer (P2P) payments company that was acquired by Square in 2013.
The company aims to create infrastructure that builders can use to take advantage of the ability of stablecoins to transform and improve global money movement, per the website.
“Since launching 18 months ago, we’ve provided millions with faster and cheaper access to cross-border payments, enabled governments and aid agencies to more efficiently distribute funds to thousands, and given millions more true economic choice, enabling them to easily save and spend in USD or EUR,” Bridge said on its website. “And we’re just getting started.”
Sequoia said in a Thursday (Aug. 29) blog post that it led Bridge’s Series A funding round, partnering with the company because it will “usher in the next wave of payment innovation.”
“Zach, Sean and their team are making it possible for developers to seamlessly and instantly convert between any two dollar formats, with a single API,” Sequoia said in the post. “A company in Brazil can use Bridge to send USDC payments to their supplier in China, a consumer in Nigeria can pay for YouTube or ChatGPT, and a small business in the U.S. can take payments in PYUSD from customers around the world. Because Bridge is built on blockchains, it works 24/7, in virtually every country — and for as little as 10% of the cost of traditional foreign exchange rails.”
Observers are wondering whether stablecoins might serve as the best onramp for users to enter the digital asset space, PYMNTS reported Monday (Aug. 26). Stablecoins can be integrated into existing digital wallets, making them easy to use for those already familiar with mobile payments.
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