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Sling Money has successfully raised $15 million in a Series A funding round to improve its global payment platform powered by stablecoins.
Great news!
We’ve completed a Series A round led by @usv, alongside @RibbitCapital and @SlowVentures. This investment will advance our goal of making international money transfers instant, straightforward, and affordable. Discover more here & DM us if you’re interested in trying Sling
https://t.co/hSKsqFrkKb
— Sling Money (@SlingMoney) August 14, 2024
https://t.co/hSKsqFrkKbAs stated in a press release from Sling Money, this recent funding round was spearheaded by Union Square Ventures, Ribbit Capital, and Slow Ventures. Earlier, the company had raised $5 million in a seed round led by Ribbit Capital, with additional support from Slow Ventures.
Quick and Affordable Stablecoin Transfers
The new funding will aid in enhancing the app’s functionalities, which feature instant, low-cost money transfers in over 50 countries, utilizing stablecoin technology for effortless transactions.
The release noted that Sling Money offers rapid money transfers with minimal to no fees, representing a significant enhancement compared to traditional methods that often require hours or even days and typically charge a percentage on each transaction.
“We believe that money should function like everything else on the internet – it should be user-friendly, swift, and global,” remarked Mike Hudack, co-founder of Sling Money’s parent company Avian Labs.
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“The advancement of stablecoins and real-time payment systems worldwide makes this feasible. This capability has been available for some time, but it has been obscured by complex, confusing interfaces. Our aim is to resolve that,” Hudack added.
Sling Money processes transactions using Pax Dollar (USDP), a stablecoin that is pegged to the U.S. dollar and issued by Paxos Trust Company.
SEC Closes Investigation into Paxos
In July, the U.S. Securities and Exchange Commission (SEC) announced that it had concluded its investigation into Paxos and its BUSD stablecoin, a year after issuing a Wells Notice to the company.
“Paxos succeeds in SEC investigation of BUSD stablecoin”
On Tuesday, we received an official termination notice from the SEC indicating that it will not pursue enforcement action against Paxos Trust Company in the inquiry regarding Binance USD (BUSD).
View the letter and our… pic.twitter.com/8kjysfsPg3— Paxos (@Paxos) July 11, 2024
This decision was broadly viewed as a favorable development for the regulatory environment surrounding cryptocurrency and a change in the SEC’s approach to digital assets. The closure of the investigation implies that stablecoins may not be classified and regulated as securities.
The post Sling Money Secures $15M to Expand Stablecoin Payment Solutions appeared first on Cryptonews.
