Ex-employees from Coinbase and Square successfully secure $58 million in funding for Web3 payment platform, Bridge.
Bridge, a groundbreaking stablecoin orchestration and issuance platform, has recently emerged from stealth with a significant investment of $58 million. The funding round was led by prominent venture capital firms, including Sequoia, Ribbit, Index, and Haun Ventures.
Founded by Zack Abrams, formerly of Coinbase, and Sean Yu, previously a software engineer at Square, Bridge aims to simplify and accelerate the creation, management, and integration of compliant stablecoins for fintechs and crypto platforms.
Key features of Bridge include Stripe-quality APIs and modular SDKs, rapid issuance technology, compliant licensing, regulatory monitoring, and rigorous reserve management, orchestration logic, and a modular technology stack. These features are designed to abstract blockchain complexity, reduce development timelines, ensure regulatory compliance, and provide developers with customizable issuance options and interoperability optimization.
Bridge's platform has already been used to launch Payouts, working with the US government, aid organizations, and creator platforms to disburse payments via stablecoins. It has also partnered with LATAM-based crypto exchange platform Bitso to enable stablecoin-powered cross-border payments in the region.
The platform addresses challenges related to money movement, such as enabling unbanked users to pay for foreign services like Netflix that require the use of a credit card, and reducing the costs associated with cross-border payments. Bridge's foreign exchange (FX) feature allows global companies to repatriate funds, enabling them to sell goods and services in LATAM and Africa, and move the money back to the US via stablecoins.
Bridge also enables businesses with MXN to pay vendors in USD (and vice versa) using stablecoin payment rails, with transactions settling in minutes at a fraction of the cost vs. SWIFT. The platform can be used by any company or team to offer digital dollar-based services to their end consumers or businesses, through its Orchestration and Issuance APIs.
Use cases of Bridge include cross-border payments and remittances, embedding stablecoins into wallets and decentralized finance (DeFi) platforms, treasury operations and stored value solutions, and reducing integration complexity for fintechs building financial products that leverage the digital dollar economy with a reliable and compliant infrastructure.
In summary, Bridge offers a comprehensive stablecoin issuance and orchestration platform focused on compliance, developer experience, operational flexibility, and global payments innovation, with backing from top venture capitalists and integration partners like Stripe and MetaMask.
- The news about Bridge's emergence from stealth with a $58 million investment from Sequoia, Ribbit, Index, and Haun Ventures highlights the potential of web3 technology in the finance and business sectors, especially in simplifying and accelerating the creation of compliant stablecoins for fintechs and crypto platforms.
- As Bridge's platform is designed to provide developers with customizable issuance options, interoperability optimization, and regulatory compliance, it could significantly impact the technology landscape of finance, business, and decentralized finance (DeFi), potentially revolutionizing cross-border payments, remittances, and embedding stablecoins into digital wallets.
