- Sling Money reported that Union Square Ventures, Ribbit Capital, and Slow Ventures led a $15 million Series A investment round.
- The Pax Dollar or USDP stablecoin powers the app, which enables fast international money transfers.
Sling Money, a digital payments firm, revealed on Wednesday that it has secured $15 million in Series A funding.
Union Square Ventures, Ribbit Capital, and Slow Ventures led the Series A, according to the press announcement. According to Sling Money, Ribbit Capital led a seed round in which the company earlier raised $5 million. Slow Ventures took part as well.
The goal of Sling Money is to give users a quicker and less expensive option to move money across international borders. The US dollar-backed Pax stablecoin, or USDP, is used by the business to carry out the transactions.
According to the company, Sling Money enables users to transmit money instantaneously to other customers in more than 50 countries across Europe and Africa. According to Sling Money, users will pay little to no costs for quick money transfers.
To complete parties’ transfers, the software converts fiat money to USDP and back again. After being restricted to Ethereum until the end of the previous year, Paxos was given permission by a New York regulator to extend its stablecoin to the Solana blockchain.
The development of stablecoins, according to Mike Hudack, CEO and co-founder of Avian Labs, the parent company of Sling Money, is essential to improving the effectiveness of international payments.
Although the functionality has been there for some time, it is concealed behind difficult-to-use interfaces. Our goal is to fix that, Hudack said in a statement.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
