Web3 technology holds immense promise for revolutionizing the way we engage with digital assets and financial transactions. However, its complex underlying concepts can make it a challenging landscape to navigate, particularly for new users. The process of onboarding new users to Web3 is often time-consuming and cumbersome, involving a series of steps such as educating users about blockchain, and facilitating the conversion of fiat currency to cryptocurrency.
These challenges can be particularly daunting for those unfamiliar with the technology, potentially deterring them from exploring the vast possibilities of the Web3 ecosystem. As such, there is a pressing need for innovative solutions that streamline the onboarding process, making Web3 more accessible and user-friendly for everyone.
Coinflow Labs bridging the gap between traditional finance and blockchain technology
Coinflow Labs, a web3 payment stack provider, is at the forefront of this transformation, bridging the gap between traditional finance and blockchain technology, making it easier for non-crypto native customers to engage with the web3 ecosystem.
With the support of its investors and partners, Coinflow Labs is poised to accelerate its growth and bring a new era of financial blockchain technology to the market.
Coinflow Labs $1.45 million pre-seed funding
Coinflow Labs has raised $1.45 million in a pre-seed funding round co-led by Reciprocal Ventures and Jump Crypto, with participation from Digital Currency Group, CMT Digital Ventures, gumi Cryptos Capital (gCC), Blocktech Ventures, Prompt Ventures, Builder Capital, and various angel investors.
Coinflow Labs is focused on strengthening the bridge between traditional banking infrastructure and blockchain technology to onboard web3 consumers seamlessly.
Founded in 2022 and led by experienced full stack software engineers, Daniel Lev and Ben Meeder, the company is developing an innovative web3 payments infrastructure solution.
Coinflow Labs has set out to simplify, secure, and optimize the process of accepting traditional payments for web3 companies, including credit cards.
Its web3 payment stack solution offers a comprehensive suite of tools to enable web3 companies to accept conventional payment methods, such as credit cards, for purchases such as NFTs.
Furthermore, Coinflow’s off-ramp product facilitates the instantaneous transfer of cryptocurrency from self-custody wallets to bank accounts using real-time payment rails, providing users with a seamless experience.
Coinflow’s products are live on the Solana, Near, Polygon, and Ethereum blockchains, and the company has secured partnerships with Web3Auth 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 expected to launch in late 2023.
Daniel Lev, Co-Founder and CEO of Coinflow Labs, said that amid the 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.
He further added that they 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.
Josh Kuzon, Partner at Reciprocal Ventures, said that Coinflow is enhancing the accessibility of web3 consumer products through streamlining integration with user-friendly checkout and off-ramps.
He also added that they’re excited to collaborate with the highly experienced team at Coinflow and be part of their journey to enable the future of commerce.
The recent funding will facilitate the acceleration of its product, software, and business development initiatives, as well as the expansion of its team to onboard new customers. With the backing of its investors and partners, Coinflow Labs is eager to contribute to the development of FinTech 2.0, which represents the next phase of financial blockchain technology.