- WSPN (Worldwide Stablecoin Payment Network), a Singapore-based stablecoin infrastructure provider, raised $30 million in a seed funding round.
- The round was led by Foresight Ventures and Folius Ventures, with participation from Hash Global, Generative Ventures, RedPoint Capital, and a consortium of exchanges, foundations, and investment firms.
- WSPN was founded by former employees of Visa and Paxos and focuses on digital payment solutions using distributed ledger technology (DLT).
- The company’s flagship product, the WUSD stablecoin, is pegged 1:1 to the US dollar, aiming to create a global digital payment network optimized for Web3 users.
- WSPN has received support from over 30 exchanges, 10+ major wallets, and numerous payment institutions and market makers.
- The new funding will help accelerate the development of the next generation of stablecoin infrastructure, including the firm’s new “Stablecoin 2.0” approach, which focuses on enhancing robustness and transparency in stablecoin systems.
- Singapore’s fintech scene remains active, with other recent developments such as Valverde Investment Partners selecting Broadridge, Syfe raising $27 million in Series C funding, and Payoneer acquiring Skuad for $61 million.
