Stablecoin company Sphere secures $5M in funding round

Sphere, a stablecoin firm focused on cross-border payments, has raised $5 million in a funding round led by Coinbase Ventures and Kraken Ventures, according to Fortune Crypto. The company partners with global fintech firms and licensed money transfer services, enabling businesses to send funds internationally using stablecoins. Upon reaching the destination, Sphere collaborates with local banks to facilitate the exchange of stablecoins into local currency.