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 leaders 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. Pantera Capital, Coinbase Ventures, Reciprocal Ventures, and Jump Crypto participated in the Series A round.
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.”
