Bridge Secures $40 Million to Enhance Global Stablecoin Payment Networks

Bridge Secures $40 Million in Funding to Develop Global Stablecoin Payment Networks

Crypto startup Bridge, which aims to create a global payment network based on stablecoins, has successfully raised $40 million in its latest funding round, bringing its total funding to $58 million, as reported by Fortune on Friday. Founded by former employees of Square and Coinbase, Zach Abrams and Sean Yu, the company is on a mission to simplify the adoption of stablecoins for businesses.

According to Abrams, the goal of Bridge is to enable companies to leverage a stablecoin infrastructure seamlessly, without the complexities often associated with cryptocurrency. He emphasized that the platform aims to allow businesses to “use a stablecoin rail without thinking about it.” This is particularly relevant as stablecoins are digital assets pegged to traditional financial instruments, such as fiat currencies like the U.S. dollar. By integrating stablecoin capabilities, businesses can enter the crypto economy without confronting the price volatility typically seen with cryptocurrencies like Bitcoin (BTC) and others.

However, despite the advantages of stablecoins, companies face challenges in connecting these digital currencies with traditional financial systems, as well as ensuring smooth transactions across various tokens and blockchain networks.

Bridge is already making strides in the industry, counting notable clients such as SpaceX and Coinbase. The startup aspires to position itself as the Web3 equivalent of Stripe, aiming to function as a comprehensive global payment system that allows other developers to integrate their services effortlessly. Earlier this year, Stripe announced its intention to incorporate crypto payments through Circle’s USDC stablecoin, highlighting the growing interest in stablecoin adoption.

As of now, Bridge has not responded to CoinDesk‘s request for additional comments regarding their future plans.