Stablecoin payment application Fin completes $17 million funding.
· Lead investor: cryptocurrency investment firm Pantera Capital.
· Co-investors: Sequoia Capital, Samsung Ventures, and others.
· Founded by former Citadel hedge fund employees.
Fin is committed to providing cross-border and large-scale payment services based on stablecoins. Its goal is to address the pain points of high fees and slow speeds in traditional remittances, allowing users to make fast, low-cost transfers to bank accounts or crypto wallets. The company plans to first conduct pilot projects among import and export trading companies.
The average cost of traditional cross-border payments exceeds 6% and takes several days. In contrast, stablecoins can achieve near real-time settlement, reducing costs by about 70%, thus being regarded as an important disruptive technology. Fin's recent funding from top venture capital firms is a sign of the market's optimism about the potential of this sector. $ETH
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