Bridge fundraising for stablecoin-based payments network totals $58m: Report
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Bridge aims to build a global stablecoin payments network to "enable companies to use a stablecoin rail without thinking about it," one of its founder said.
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Companies keen to incorporate stablecoin payments face challenges of accessing on-ramps and off-ramps and facilitating transfers across different tokens and blockchains.
Crypto startup Bridge, which wants to build a global stablecoin-based payments networks, recently raised $40 million in fresh funding, taking the total raised to $58 million, Fortune reported Friday.
The startup, which was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, aims to "enable companies to use a stablecoin rail without thinking about it," Abrams said in an interview, according to the report.
Stablecoins are crypto tokens pegged to the value of a traditional financial asset such as a fiat currency, usually the U.S. dollar. Building stablecoin provision into a business allows companies to dip a toe into the crypto economy without dealing with the volatility that can afflict Bitcoin (BTC) and other tokens. However, they then face the challenge of linking to traditional financial systems and facilitating transfers across different tokens and blockchains.
Bridge, whose customers include SpaceX and Coinbase, aspires to become a Web3 version of payments processor Stripe, operating as a global payments system into which other developers can integrate seamlessly. Earlier this year, Stripe itself said it planned to add crypto payments through Circle's USDC stablecoin.
Bridge did not immediately respond to CoinDesk's request for further comment.
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