TechFlow reported on December 12 that, according to Forbes, Sphere, a stablecoin payments company, has raised $5 million in a funding round led by Coinbase Ventures and Kraken Ventures. Founded in 2022 by Arnold Lee and Luigi Charles, Sphere aims to build a "crypto version of Stripe." By partnering with global fintech firms and licensed money transfer providers, Sphere enables cross-border stablecoin payments between businesses, with stablecoins convertible into local fiat currencies at the destination. According to founder Lee, its proprietary API can reduce cross-border payment settlement times to 15–30 minutes while ensuring compliance. The new funds will be primarily used to strengthen compliance and risk management capabilities.
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