Web3 payments company Bridge has raised a total of $58 million in funding.
According to a company post on X, the company, started by former Coinbase and Square employees, counts backers Sequoia, Ribbit, Index, and Haun Ventures among its backers.
Bridge is building a stablecoin-based funds transfer platform, offering services such as payments, cross-border payments, and foreign currency exchange. It has already partnered with Bitso for cross-border payments between businesses based on stablecoins in Latin America.
“We are building stablecoin orchestration and issuance as a service,” Bridge explained in the post. “Orchestration provides a simple API to easily convert between two dollar formats (USD/EUR, USDC, PYUSD, USDT, etc.). Issuance gives developers the ability to convert these dollars into stablecoins that they can customize and benefit from. With our orchestration and issuance APIs, any company or team can offer digital dollar-based services to end consumers or enterprises.”
According to The Block’s Data Dashboard, the total stablecoin supply stood at 176.6 million as of August 28. Tether’s USDT accounts for 70.7% of the stablecoin supply, while Circle’s USDC accounts for 20.6%.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.