Fast take:
Union Sq. Ventures, Ribbit Capital, and Gradual Ventures co-led the spherical.
The corporate beforehand raised $5 million in a seed spherical led by Ribbit Capital with Gradual Ventures taking part.
Sling Cash goals to supply a less expensive and quicker technique of sending cash around the globe.
Sling Cash, a stablecoin-powered world funds firm that helps cheaper and quicker technique of sending cash around the globe has raised $15 million in a Collection A spherical. The spherical was led by Sq. Ventures, Ribbit Capital, and Gradual Ventures. Sling Cash beforehand raised $5 million in a seed spherical led by Rabbit Capital with Gradual Ventures taking part, the corporate wrote in a press launch.
Based by former Deliveroo chief know-how officer Mike Hudack, the app is powered by the Pax Greenback (USDP) stablecoin. It converts fiat foreign money to the USDP when the sender initiates the transaction, and again to fiat when it executes reflecting on the recipient’s cellular pockets.
Commenting on the fundraising, Hudack the CEO of Avian Labs, the mother or father firm of Sling Cash highlighted the speedy adoption of stablecoins as a key milestone for crypto within the world monetary funds ecosystem.
In response to Hudack, it has been a chance for some time to make world funds extra environment friendly, “but it surely’s been hidden behind difficult, user-confounding interfaces.” He stated his firm is on a mission to alter that.
Rebecca Kaden, Associate at Union Sq. Ventures stated in a press release: “Sling’s imaginative and prescient aligns completely with our perception that constructing on funds infrastructure on the blockchain can essentially broaden entry, decrease price, and open new alternatives for customers. We’re thrilled to help the group as they do that.”
In response to Sling Cash, customers can use its platform to “simply ship cash immediately throughout 50+ international locations throughout Europe and Africa to different customers.” The service might be obtainable for little or no charges to make prompt cash transfers, the corporate added.
Stablecoins have emerged as a viable gateway for onboarding lots to the world of crypto.
In response to Chainalysis, in 2023, on-chain transaction quantity reached $10 trillion, with stablecoins accounting for about 60%. That’s about $17.4 billion value of stablecoins transferred day by day.
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