"When Ian Krotinsky and Aashiq Dheeraj worked at Citadel, they spent their nights and weekends on hacking projects. Krotinsky says that they built a version of Reddit where the user who made it to the front page would be paid $50. That's when the two learned that sending money to people around the world was surprisingly difficult. This led them to co-found Fin, a stablecoin-powered app where people can instantly send money across borders-including large sums."
"The app is primarily designed to send large amounts of money-in the hundreds of thousands or millions-from one country to another, or even domestically. For example, if a watch dealer in Switzerland wants to sell his product to a customer in the U.S., the buyer would traditionally wire the money with a big commercial bank, and it might take a few days and incur fees. Fin aims to build an alternative to that system with its app."
Ian Krotinsky and Aashiq Dheeraj founded Fin after encountering friction sending money internationally while experimenting with a Reddit-pay project. Fin is a stablecoin-powered payments app that enables instant transfers across borders and domestically, including very large amounts. The app offers sending to another Fin user, to a bank account, or to a crypto wallet. Stablecoin rails are intended to reduce transfer fees compared with traditional bank wires. Fin raised $17 million in funding led by Pantera Capital, with participation from Sequoia and Samsung Next. The company did not disclose its valuation.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]