Singapore-based fintech start-up WSPN bags $30m seed funding
WSPN (Worldwide Stablecoin Payment Network), a Singapore-based provider of stablecoin infrastructure, has bagged $30 million in a seed funding round.
WSPN raises $30 million seed funding
The round was led by Foresight Ventures and Folius Ventures with additional participation from Hash Global, Generative Ventures, and RedPoint Capital, alongside a consortium of various exchanges, foundations, and investment firms.
WSPN, founded by former employees of Visa and blockchain infrastructure platform Paxos, provides digital payment solutions utilising distributed ledger technology (DLT).
The company is aiming to “build a truly global digital payment network” through the use of its flagship WUSD stablecoin, which is pegged 1:1 to the US dollar. The start-up says the offering is designed to “optimise secure and licensed digital payments for Web3 users”.
It adds that its tech has so far “garnered support from over 30 exchanges, more than 10 major wallets, and dozens of prominent payment institutions and market makers”.
Commenting on the firm’s latest capital injection, Raymond Yuan, founder and CEO of WSPN, says the cash will “accelerate our efforts to bring about the next generation of stablecoin infrastructure”.
Alongside the new funding, WSPN has unveiled its “Stablecoin 2.0” approach, with the aim to design and develop infrastructure “with a focus on enhancing the robustness and transparency of stablecoin systems” as the firm looks to help boost accessibility and drive “widespread stablecoin adoption”.
Singapore’s fintech scene is bustling. This month alone, Valverde Investment Partners selected Broadridge for its investment management tech, digital savings and investment platform Syfe raised $27 million in Series C funding, and US-based Payoneer snapped up global workforce platform Skuad for $61 million.
