Sling Money Secures $15M to Expand Stablecoin Payment Solutions

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

August 14, 2024 05:50 EDT

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Sling Money has secured $15 million in a Series A funding round to enhance its stablecoin-powered global payment platform.

According to a press release published by Sling Money, this latest funding round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Previously, the company secured $5 million in a seed round led by Ribbit Capital, with additional backing from Slow Ventures.

Fast and Cheap Stablecoin Transfers

The new funding will support the development of the app’s features, which include instant, low-cost money transfers across more than 50 countries, leveraging stablecoin technology for seamless transactions.

The release stated that Sling Money enables fast money transfers with little to no fees, a substantial improvement over traditional methods, which often take hours or even days and typically charge a percentage of each transaction.

“We believe that money should work the same way everything else on the internet works – that it should be easy to use, it should be fast, and it should be global,” said Sling Money’s parent company Avian Labs’ co-founder Mike Hudack.

“The evolution of stablecoins and real-time payments systems around the world makes this possible. This capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that,” said Hudack.

Sling Money facilitates transactions using Pax Dollar (USDP), a stablecoin backed by the U.S. dollar and issued by Paxos Trust Company.

SEC Drops Investigation into Paxos

In July, the U.S. Securities and Exchange Commission (SEC) announced it had dropped its investigation into Paxos and its BUSD stablecoin, one year after issuing a Wells Notice to the firm.

This decision was widely regarded as a positive sign for the crypto regulatory landscape and a shift in the SEC’s stance on digital assets. The termination of the probe suggests that stablecoins may not be perceived and regulated as securities.