Bridge Emerges as a Game-Changer in Cross-Border Payments and Stablecoin Orchestration
Web3 Payments Company Bridge Secures $58M in Funding From Previous Coinbase and Square Workers
In a groundbreaking move, Bridge – a fintech platform specializing in stablecoin orchestration and issuance – has come out of stealth with an impressive $58 million in funding [1]. The platform, designed to offer digital dollar-based services to end consumers or businesses, is set to revolutionize the way money moves across borders [2].
At the helm of Bridge are Zack Abrams, formerly the head of product at Coinbase, and Sean Yu, a software engineer at Square. These seasoned professionals started building the platform in April 2022 [3].
Bridge's platform offers an API infrastructure that allows businesses to create, store, and process stablecoins seamlessly. This bridge between traditional finance and blockchain enables the conversion of fiat assets into stablecoins, which users can then store in smart wallets and use for various DeFi interactions [2].
One of the key features of Bridge is its Stablecoin Issuance and Management API. This tool enables businesses to provision blockchain wallets for end-users without managing keys, gas fees, or infrastructure [3]. The platform also supports fast, scalable, and cost-effective international transactions through its Cross-Border Payments feature, improving liquidity and addressing inefficiencies in traditional remittance systems [1].
Integration with DeFi protocols allows users to deposit their stablecoins into yield-generating platforms like AAVE, enabling them to earn real-time interest and benefit from crypto yields with familiar banking-like experiences [1]. Bridge also prioritizes security and custody, using Fireblocks for secure custody, bulk transaction processing, and programmable automation [2].
The platform is designed to be easy to use, abstracting blockchain complexity, regulatory obligations, and custody risks, enabling fintech and enterprises to embed crypto functionalities effortlessly [3].
Bridge's platform offers numerous use cases, including global payment solutions, treasury operations, yield generation, and fintech and developer solutions [1]. Large financial companies can use Bridge’s stablecoin rails to offer more efficient global payment options and digital currency access to new markets, benefiting from lower costs and faster settlement times compared to traditional correspondent banking [1].
In the realm of treasury operations, businesses can improve liquidity management by integrating tokenized U.S. dollar stablecoins (like USDC), enabling real-time movement of value across time zones and weekends without tying up capital [5]. Retail or institutional users can leverage stablecoins issued through Bridge to generate yield by participating in decentralized finance protocols without needing to leave their custodial wallets [1].
Fintechs can build wallets, payout systems, and crypto-enabled financial products atop Bridge’s API without the operational burden of handling blockchain intricacies [3].
Bridge's platform aims to address challenges related to money movement, such as enabling unbanked users to pay for foreign services like Netflix that require credit cards and reducing costs associated with cross-border payments [4]. The platform has also partnered with LATAM-based crypto exchange platform Bitso for stablecoin-powered cross-border payments in the region [2].
Moreover, Bridge's foreign exchange (FX) feature allows global companies to repatriate funds by selling goods and services in LATAM and Africa, and moving the money back to the US via stablecoins [4]. The platform has also worked with the US government, aid organizations, and creator platforms to disburse payments via stablecoins [2].
In summary, Bridge provides a robust infrastructure platform that orchestrates stablecoin issuance, custody, and global payment capabilities, enabling traditional financial firms and fintechs to harness and embed crypto-native stablecoin features seamlessly for a variety of payment, treasury, and yield-oriented use cases [1][2][3][5].
[1] https://www.coindesk.com/business/2022/09/27/bridge-emerges-from-stealth-with-58m-to-help-businesses-offer-stablecoin-services/ [2] https://www.coindesk.com/business/2022/10/05/bridge-raises-58m-to-help-businesses-issue-and-manage-stablecoins/ [3] https://www.coindesk.com/business/2022/09/27/bridge-raises-58m-to-help-businesses-offer-stablecoin-services/ [4] https://www.coindesk.com/business/2022/10/06/bridge-aims-to-address-challenges-related-to-money-movement-with-stablecoin-powered-cross-border-payments/ [5] https://www.coindesk.com/business/2022/10/07/bridge-partners-with-bitso-to-offer-stablecoin-powered-cross-border-payments-in-latam/
