CZ-linked YZi Labs leads $50 million round in stablecoin payment firm Better Payment Network
Quick Take
- Better Payment Network, a stablecoin payment company, said it has secured a $50 million seed round led by YZi Labs, formerly known as Binance Labs.
- The company plans to use the new capital to build onchain liquidity pools and develop market-making systems.
YZi Labs, the venture capital firm formerly known as Binance Labs, has led a $50 million seed financing round in stablecoin payment company Better Payment Network (BPN).
In a statement released Thursday, BPN said it plans to use the new capital to build onchain liquidity pools and develop market-making systems to support stablecoin-to-stablecoin transactions across emerging markets.
BPN, built on BNB Chain, combines centralized and decentralized finance models to enable real-time minting, swapping, and settlement of fiat-backed stablecoins across jurisdictions, according to the statement.
BPN aims to shorten cross-border settlement period from two days to a few hours while reducing transaction costs from roughly 2% to 0.3%, according to a separate blog post released by YZi Labs.
"BPN creates a seamless, scalable, and efficient payment ecosystem that has the potential to outperform both traditional Web2 players and fragmented Web3 solutions," said Dana H., Investment Partner at YZi Labs.
Rica Fu, founder of BPN, said that the company's multi-stablecoin liquidity model "offers a more inclusive and efficient alternative to USD-centric payment systems."
It's unclear if other investors participated in BPN's latest funding round. The Block has reached out to YZi Labs for further information.
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