Stablecoin cross-border payment company Latitude completes $8 million financing, led by NEA

According to Fortune, the stablecoin cross-border payment company Latitude announced the completion of an $8 million financing round, led by NEA, with participation from Lightspeed Faction, Coinbase, Paxos, and the Solana Foundation.

Latitude's main product is called Global Payments, which allows U.S. businesses to make payments to individuals in over 50 countries. When U.S. companies send dollars through Latitude, the startup's network first converts the dollars into stablecoins, and then converts them into the local currency of the recipient's location.

The three co-founders previously worked at companies such as Uber, Coinbase, Meta, and Stripe. They stated that their experience in crypto, technology, and payments made them realize the importance of efficient global capital flow.