CMT Digital leads $2.25 million seed round for web3 payments firm Coinflow Labs
Quick Take Reciprocal Ventures, Jump Crypto, Draper Dragon and Digital Currency Group also participated in the funding round.
The web3 payments firm Coinflow Labs raised $2.25 million in seed funding led by the venture firm CMT Digital.
Reciprocal Ventures, Jump Crypto, Draper Dragon, Digital Currency Group and other angel investors also participated in the funding round, according to a release shared with The Block.
The round brings Coinflow's total funding to $3.7 million after pre-seed financing in early 2023. Following this seed round, CMT Digital investor Sam Hallene will join Coinflow's board of directors. Coinflow will use the funds to bolster sales, engineering, compliance and other teams, the company told The Block.
Coinflow develops a payment system that instantly accepts payments and settles transactions with stablecoins. The platform also allows businesses to send funds from stablecoins to a user's bank account immediately.
"Coinflow is launching a payment platform for marketplace companies, enabling sellers to receive funds instantly," said the firm's co-founder and CEO Daniel Lev. "Additionally, any funds on the platform generate extra revenue for the marketplace. Coinflow has partnered with multiple traditional companies, which are processing tens of millions annually through payment processors like Stripe. We plan to expand this service to new businesses after early access in Q3."
Coinflow Labs' partners include Layer 1 network developer Solana SOL -0.90% Labs and the blockchain-based music platform Audius .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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