"Led by cofounder and CEO Daniel Lev, Coinflow is a payment service provider, or PSP, going head-to-head against competitors such as Stripe and Worldpay amid the race to remake global transactions with blockchain technology. But Lev is confident that his scrappier startup can challenge the giants. "Stablecoins is a paradigm shift," he told Fortune. "There will be a net new winner who was built natively on this technology.""
"Hype about stablecoins is everywhere, from Wall Street to Silicon Valley to the halls of Congress. But even as interest around the dollar-backed cryptocurrencies grows, companies are still trying to solve the challenge of making them as easy to use as credit cards or digital wallets like Venmo and PayPal. One of the space's leader is the startup Coinflow, which announced on Wednesday it has raised $25 million in fresh funding to help merchants use stablecoins to achieve faster money movement."
"He argues that Coinflow is creating the next evolution for digital dollars. PSPs like Toast, Square, and Stripe revolutionized payments by allowing both physical and online companies to process transactions through point-of-sale terminals and web interfaces, but legacy networks run by the likes of Mastercard and Visa restrict the speed and cost efficiency of their operations. Stablecoin advocates argues that blockchain technology improves both, with companies like Coinflow allowing pay-ins and pay-outs through fiat so that merchants never even have to deal with stablecoins themselves."
Hype around dollar-backed stablecoins spans Wall Street, Silicon Valley, and Congress. Coinflow raised $25 million in a Series A led by Pantera, Coinbase Ventures, Reciprocal Ventures, and Jump Capital to help merchants use stablecoins for faster money movement. Led by cofounder and CEO Daniel Lev, Coinflow operates as a payment service provider competing with Stripe, Worldpay, and other PSPs. Using stablecoins as an intermediary layer can reduce merchant settlement time from hours or days to seconds while enabling pay-ins and pay-outs in fiat so merchants never directly handle stablecoins. Lev calls stablecoins a paradigm shift and predicts a new native winner in the space. Coinflow maintains partnerships with banks to support its services.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]