Anyone that’s made a stablecoin transfer can appreciate the speed and low cost. But if you do it via a crypto self hosted wallet, it’s not user friendly in a mainstream way. Sling has created a mobile app that hides the blockchain complexity enabling transfers to 50 countries. This week it announced it raised a $15 million Series A round led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Ribbit and Slow are existing seed backers.
Sling payments involve the transfer of a Paxos Dollar (USDP) stablecoin on the Solana blockchain between the sender and recipient.
The challenge and upside with payment platforms is the network effect. Once you get it going, it’s a virtuous circle, but it’s really hard to get started. Sling has a clever solution to sidestep traction issues in the early days. If a Sling user wants to send money to someone who doesn’t have the Sling app, they send them a Sling link. The recipient then enters their bank details to receive the money, with Sling converting the stablecoin to fiat currency in the background.
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