PANews reported on December 12 that according to Forbes, the cross-border encrypted payment company Sphere has completed a round of US$5 million in financing led by Coinbase Ventures and Kraken Ventures. The company plans to use the latest round of financing to further invest in regulatory compliance and risk management functions.
According to reports, founders Arnold Lee and Luigi Charles founded Sphere in 2022 with the aim of creating a "crypto version of Stripe". Stripe is a cross-border payment company that handles fiat currency transactions. Sphere integrates with global fintech companies and licensed currency exchange services to enable businesses to use stablecoins to transfer funds between countries.
