Coinflow Labs – a web3 payment stack provider – announced the closing of its $1.45 million pre-seed round. This funding 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.
Launched last year and led by experienced full-stack software engineers with expertise in web3 gaming and consumer applications Daniel Lev and Ben Meeder, Coinflow is working to strengthen the bridge between traditional banking infrastructure and blockchain technology to seamlessly onboard web3 consumers.
Coinflow Labs’ innovative web3 payments infrastructure solution aims to provide a simpler, more secure, and more efficient way for web3 companies to accept traditional payments like credit cards. And Coinflow offers a comprehensive web3 payment stack that allows web3 companies to accept traditional payment methods for things like buying NFTs with a credit card. Plus Coinflow’s off-ramp product enables 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 goal to expand to additional chains. And Coinflow has secured partnerships with Web3Auth, a non-custodial auth infrastructure provider, and Tier 1 US Banks for payment processing and off-ramp services. Plus the company 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.
What the funding will be used for: Coinflow’s funding will enable the company to further accelerate its product, software, and business development initiatives, onboard new customers, and expand its team.
KEY QUOTES:
“Amid unprecedented market volatility and uncertainty across the entire global financial system, there exists a unique opportunity to bring efficiency, security, and trust to payments systems, especially within the evolving web3 space. We developed Coinflow to bridge the gap between traditional finance and blockchain technology and make it easier for non-crypto native customers to engage across the web3 ecosystem, including interacting with games, wallets, and other web3 consumer products. With the support of our investors and partners, we look forward to onboarding additional customers and building FinTech 2.0, the next generation of financial blockchain technology.”
— Daniel Lev, Co-Founder and CEO of Coinflow Labs
“At Reciprocal, we back founders who are fueling the expansion of the web3 ecosystem, and we’re thrilled to support Coinflow, a foundational company revolutionizing the web3 payments landscape.Coinflow is enhancing the accessibility of web3 consumer products through streamlining integration with user-friendly checkout and off-ramps. We’re excited to collaborate with the highly experienced team at CoinFlow and be part of their journey to enable the future of commerce.”
— Josh Kuzon, Partner at Reciprocal Ventures
