TechFlow news, Bridge, a global stablecoin payments network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has announced $58 million in funding from Sequoia, Ribbit, Index and others. The financing includes a new $40 million round led by Sequoia and Ribbit. Clients include SpaceX and Coinbase. The company aims to challenge traditional payment systems such as Swift and credit cards.
Bridge aims to simplify the process by enabling seamless conversion between fiat currencies and stablecoins, as well as facilitating transfers across different stablecoins and blockchains.
Bridge has already processed over $5 billion in annualized payment volume and works with high-end clients such as Elon Musk's SpaceX, helping it collect payments across regions and currencies and transfer funds into its global treasury via stablecoins. Bridge also partners with crypto companies such as Stellar and Strike, providing infrastructure for their stablecoin payment capabilities.
