Stablecoin payment company Sphere completes $5 million funding, led by Coinbase and Kraken

according to Forbes, stablecoin payment company Sphere has completed a $5 million funding round led by Coinbase Ventures and Kraken Ventures. The company was founded by Arnold Lee and Luigi Charles in 2022, aiming to create a "crypto version of Stripe."

According to RootData, Sphere is a payment infrastructure that helps merchants from underdeveloped emerging markets achieve cost-effective, secure, and nearly instant cross-border payments using stablecoins. Through a visually appealing and easily accessible graphical user interface (GUI), Sphere coordinates blockchain, hosted infrastructure, and financial service providers to facilitate stablecoin payments.