Bridge Raises $58M to Revolutionize Web3 Payments with Stablecoins

Imagine a world where sending money across borders is as easy as sending a text message, without the hefty fees and delays. Bridge, a new platform built by veterans from Coinbase and Square, is making this vision a reality. With $58 million in funding, Bridge is poised to revolutionize Web3 payments using the power of stablecoins.

What is Bridge and Why Should You Care?

Bridge is a “stablecoin Orchestration and Issuance as a service” platform designed to streamline money transfers. Think of it as a bridge (pun intended!) connecting traditional finance with the efficiency and speed of blockchain technology. Here’s why it matters:

• Faster, Cheaper Transactions: Stablecoins enable near-instantaneous and low-cost cross-border payments, bypassing traditional banking systems.
• Customizable Solutions for Developers: Bridge allows developers to convert dollars into customizable stablecoins, opening up new possibilities for innovative financial applications.
• Backed by Industry Leaders: With funding from Sequoia, Ribbit, Index, and Haun Ventures, Bridge has the support it needs to scale and disrupt the payments landscape.

The Brains Behind Bridge

Founded by Zack Abrams (formerly of Coinbase) and Sean Yu (formerly of Square), Bridge brings together expertise from two of the biggest names in fintech and crypto. Abrams, who was Head of Product at Coinbase, and Yu, a software engineer at Square, started Bridge in April 2022. Their experience in building and scaling USDC at Coinbase gives them a unique advantage in the stablecoin space.

How Does Bridge Work?

Bridge offers a suite of services centered around stablecoin-powered money movement. Here’s a breakdown:

• Payouts: Bridge facilitates payouts via stablecoins, working with governments, aid organizations, and creator platforms to disburse funds efficiently.
• Cross-Border Payments: Partnering with platforms like Bitso, Bridge enables stablecoin-powered cross-border payments, reducing costs and settlement times. For example, businesses in Mexico can pay vendors in the US (and vice versa) using Bridge’s stablecoin rails.
• Foreign Exchange (FX): Bridge 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.

Use Cases: Solving Real-World Problems

Bridge isn’t just about technology; it’s about solving real-world problems related to money movement. Here are a few examples:

• Enabling Access for the Unbanked: Bridge can help unbanked users pay for foreign services like Netflix, which typically require a credit card.
• Reducing Cross-Border Payment Costs: Traditional cross-border payments can be expensive due to SWIFT fees and intermediary banks. Bridge offers a cheaper alternative.

The Future of Payments with Stablecoins

Bridge is at the forefront of a new era in payments, where stablecoins play a central role. By providing a platform for stablecoin orchestration and issuance, Bridge is empowering businesses and developers to build innovative financial solutions. As stablecoin adoption continues to grow, Bridge is well-positioned to become a key player in the global payments landscape.

In conclusion, Bridge represents a significant step forward in making global payments more accessible, efficient, and affordable. With its experienced team, strong backing, and innovative platform, Bridge is poised to transform the way we move money around the world.