Borderless.xyz, a web3 payments platform, raises $3 million in a pre-seed round, with Amity Ventures serving as the lead investor.
Borderless.xyz Raises $3 Million for Global Stablecoin Payments Network
Borderless.xyz, a blockchain-based payments platform, has secured $3 million in a pre-seed funding round. The funding round was led by Amity Ventures and also included participation from nine angel investors, such as Talos founder Anton Katz and Fireblocks founder Michael Shaulov.
The company's goal is to create a new payments network connecting liquidity from stablecoin-enabled financial institutions across different blockchains and stablecoins. As stated by Borderless.xyz CEO Kevin Lehtiniitty, the platform aims to enable money to be moved anywhere at any time on these new rails.
Lehtiniitty compared Borderless.xyz's goal to what Visa did for banks, aiming to replicate this for stablecoin-enabled financial institutions. The platform supports 23 currencies and is already present in 50 countries, demonstrating its global reach and potential.
The funding will support the development and expansion of Borderless.xyz's network infrastructure. The focus will be on interoperability among payment providers licensed in different regions, such as Colombia, Brazil, South Africa, China, and the EU. The ultimate aim is to make international payments frictionless, fast, and cost-efficient by leveraging stablecoins as the settlement medium.
Borderless.xyz is building a payment infrastructure for global transactions including stablecoins and real-world assets. The company is creating a connectivity and communications platform that links licensed banks and payment service companies across various countries, enabling seamless creation of payment corridors for cross-border transactions, treasury management, and stablecoin-based on-ramps and off-ramps. Borderless.xyz will provide the messaging and orchestration layer connecting numerous regulated counterparties worldwide, enabling users to access multiple liquidity providers and optimize payment execution via algorithms on a unified network.
As a result of the funding, Amity Ventures Managing Partner CJ Reim will join Borderless.xyz's board of directors. The exact roles or investments of the angel investors in the company were not specified in the provided information.
The company plans to use the fresh capital to accelerate its global growth, hire more engineers, and add liquidity to its global stablecoin payments network. With this funding, Borderless.xyz is well-positioned to revolutionize the cross-border payments landscape and bring about a more seamless, efficient, and cost-effective global financial system.
[1] Source: Borderless.xyz press release, 2022.
- The funding secured by Borderless.xyz will be utilized to expand its global reach, hiring more engineers, and adding liquidity to its global stablecoin payments network, aiming to revolutionize the cross-border payments landscape.
- In the future, Borderless.xyz's platform, which supports 23 currencies and is already present in 50 countries, plans to leverage stablecoins as the settlement medium, providing a fast, frictionless, and cost-efficient method for international business, finance, and technology transactions.
