Stablecoin network Bridge is taking on traditional payment networks, bagging massive investments and equally massive clients.
Bridge, a stablecoin network created by former Coinbase and Square executives Sean Yu and Zach Abrams, has raised $58 million, according to a Fortune report. The network aims to rival TradFi systems like Swift and credit card infrastructures.
Massive Investors and Massive Clients
Investors believing in this future include Sequoia, Ribbit, Index, and Haun Ventures, with $40 million coming from Sequoia and Ribbit. While getting big names like those to back the venture is impressive, Bridge’s customer base, including SpaceX and Coinbase, is equally formidable. About this early success, Abrams said when he sat down with Fortune for an interview, “Fintech is deeply rational.” He elaborated, “If you can do something that is faster, cheaper, and more economical, you win.”
This solution definitely offers something efficient as SpaceX relies on it to convert its incoming payments, received in different fiat currencies, to stablecoins and store those funds in its global reserves. Coinbase has integrated Bridge in its Ethereum layer-2 network, Base. Bridge allows users to switch between USDC (Circle) on Base and USDT (Tether) on Tron. Base creator Jesse Pollak mentioned, “The work that they’re doing helping traditional businesses come on-chain is super important. All businesses are going to have all their assets on-chain, because it’s going to be faster, cheaper, and more globally available.”
As Bridge seems to be taking off in the right direction growth-wise, it has also accumulated licenses from multiple regulators, marking its actions on the regulatory front. Abrams noted it is licensed in 48 states in the US and operates as a regulated virtual asset service provider (VASP) in Poland. It is also working to obtain licensure in New York, Europe, and other jurisdictions.
Regarding companies outside the Web3 ecosystem not believing in stablecoins hindering Bridge’s expansion, Abrams said, “My interest comes from moving money. It’s less blockchain-specific.”