Borderless.xyz Emerges With $3M Pre-Seed Led By Amity Ventures To Build a Modern Global Stablecoin Payment Network
New York, New York, October 23rd, 2024, Chainwire
The global payments infrastructure company already covers more than 50 countries and 23 currencies for cross-border transfers, payouts, collections, onramps, and offramps.
Borderless.xyz, a global payments infrastructure company that enables transactions using stablecoins and real-world assets (RWAs), announces its emergence from stealth with $3M in pre-seed funding led by Amity Ventures along with executives of leading companies such as Michael Shaulov of Fireblocks, Jess Houlgrave of WalletConnect, Anton Katz of Talos, among others.
Traditional fintechs and remittance methods operate in closed systems that involve multiple intermediaries. According to the team, this approach can lead to inefficiencies and drive up costs for consumers and businesses. Borderless.xyz seeks to address this issue with a blockchain-based network called Global Transfer Protocol (GTP) which serves as a unified liquidity framework and orchestration layer between stablecoins and local fiat currencies around the world. Building on top of the tremendous progress made recently by locally licensed crypto-enabled infrastructure providers like Bridge, Borderless.xyz is already working with six Participating Financial Institutions (PFIs), to enable payments companies to bridge stablecoins with local fiat currencies around the world, providing real time and low cost settlement that allows for global money movement.
“Payments is one of the most geographically fragmented sectors in banking which still applies to stablecoins,” said Kevin Lehtiniitty, CEO of Borderless.xyz. “We dream of a Visa-like network for stablecoins where a single unified network can be used to move money anywhere, at any time, and on any chain. Over the last year we’ve been building out the supply side of our network of PFIs to support stablecoin/fiat liquidity in over 50 countries. We are excited to start onboarding wallet providers, remittance companies, and protocols to use the network in an effort to transform outdated payments systems into a robust, modern financial infrastructure.”
“Every so often, a company comes along that fundamentally changes an industry,” said CJ Reim, GP of Amity Ventures. “Borderless.xyz is introducing infrastructure that will reshape the way money moves around the globe improving the availability and speed of payments all while decreasing costs. By building on top of the foundation created by stablecoins and blockchain networks, Borderless.xyz is introducing the central network paving the way for a new era of seamless payments that has never been possible before.”
To learn more about Borderless.xyz, users can visit their website: https://borderless.xyz/ and follow them on X (Twitter).
About Borderless.xyz
Borderless.xyz is a leading global payments infrastructure company designed to facilitate transactions using internet native money including stablecoins and real-world assets (RWAs). Covering more than 50 countries and 23 currencies, Borderless.xyz’s mission is to empower builders to create efficient money movement, deliver stable currencies to emerging markets, and drive the transition to onchain banking. To learn more about Borderless.xyz, users can visit https://borderless.xyz/.