Stablecoin payment network Bridge completes $58 million in financing, with Sequoia, Index and others participating

BlockBeats news, on August 30, Bridge, a global stablecoin payment network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, announced that it had received $58 million in financing, with participation from Sequoia, Ribbit and Index. Including a new round of financing of $40 million led by Sequoia and Ribbit, it will challenge the traditional payment system.

Bridge will provide seamless conversion between fiat currency and stablecoins, and facilitate the transfer of different stablecoins between blockchains. Bridge has processed more than $5 billion in annualized payment volume and cooperated with high-end customers such as Elon Musk's SpaceX to help it collect payments in different regions and currencies, and transfer funds to its global treasury through stablecoins.