CHICAGO--(BUSINESS WIRE)--Coinflow Labs (“Coinflow”), a web3 payment stack provider, today announced the closing of its $1.45 million pre-seed round. The 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.
Founded in 2022 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 efficient way for web3 companies to accept traditional payments such as credit cards. Coinflow offers a comprehensive web3 payment stack that allows web3 companies to accept traditional payment methods for things such as buying NFTs with a credit card. Coinflow’s off-ramp product allows 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 intention to expand to additional chains. Coinflow has secured partnerships with Web3Auth, a non-custodial auth infrastructure provider, and Tier 1 US Banks for payment processing and off-ramp services. 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.
"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," said Daniel Lev, Co-Founder and CEO of Coinflow Labs. "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."
“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," said Josh Kuzon, Partner at Reciprocal Ventures. “We’re excited to collaborate with the highly experienced team at CoinFlow and be part of their journey to enable the future of commerce.”
Coinflow’s funding will enable the company to further accelerate its product, software and business development initiatives, onboard new customers, and expand its team.
About Coinflow Labs
Coinflow is a payment solution that allows web3 companies to accept traditional payment methods and payout their customers going from cryptocurrency to USD in their traditional bank account. Coinflow’s primary use-case is helping games, NFT projects, wallets and similar web3 products onboard non-crypto native customers with familiar, more traditional payment flows while Coinflow handles all of the infrastructure behind the scenes. For more information on Coinflow Labs, please visit https://coinflow.cash
About the Pit
Designed by Jump Crypto to foster connections and inspire, the Pit brings together passionate developers, artists, founders, and everyone in between to help build the future of Web3. For more information on the Pit at Jump Crypto, please visit https://jumpcrypto.com/thepit