Coinflow Labs, a Chicago, IL-based web3 payment stack provider, closed a $1.45m pre-seed funding round.
The round was led by Jump Crypto and Reciprocal Ventures, with participation from CMT Digital, Digital Currency Group, Gumi Cryptos, Builder Capital, Prompt Ventures, Blocktech Ventures and various angel investors following Coinflow’s participation in the Pit, Jump Crypto’s hub for innovators.
The funding will enable the company to further accelerate its product, software and business development initiatives, onboard new customers, and expand its team.
Founded in 2022 and led by Daniel Lev and Ben Meeder, Coinflow has developed a web3 payments infrastructure solution that aims to provide a secure, and efficient way for web3 companies to accept traditional payments such as credit cards. The company offers a comprehensive web3 payment stack that allows web3 companies to accept traditional payment methods for things such as buying NFTs with a credit card. Its off-ramp product allows customers to move cryptocurrency from self-custody wallets instantly to their bank accounts using existing real-time payment rails.
Currently, Coinflow’s products are live on the Solana, Near, Polygon, and Ethereum blockchains, with the intention to expand to additional chains. The company has secured partnerships with Web3Auth, a non-custodial auth infrastructure provider, and Tier 1 US Banks for payment processing and off-ramp services. Coinflow is also an early adopter of the United States’ FedNow program which enables financial institutions to deliver end-to-end faster payment services to their customers and is anticipated to launch in late 2023.
FinSMEs
19/04/2023