Cryptocurrency payment API provider Layer2 Financial announced the completion of a $10.70 million Series A financing round, led by Galaxy Ventures.

TechFlow news, July 31, according to Fortune, cryptocurrency payment API provider Layer2 Financial announced the completion of a $10.70 million Series A funding round, led by Galaxy Ventures, with participation from Accomplice and Sapphire Ventures. The company aims to 'completely change the way global funds flow' to challenge Swift's dominance in the cross-border payment sector.

CEO Bhanu Kohli stated that the company's long-term goal is to replace Swift within the next decade, establishing operations in multiple countries globally to facilitate blockchain-based cross-border fund transfers. The platform offers compliant multi-currency payments, allowing customers to receive payments, make payments, and convert currencies through APIs, supporting various payment methods including ACH, Fedwire, Swift, and SEPA. Currently, Layer2 Financial is licensed in approximately 34 states in the USA and holds relevant licenses in Canada and Europe.

Mike Giampapa, a partner at Galaxy Ventures, mentioned that Layer2's infrastructure makes cross-border B2B payments faster, more transparent, and more cost-effective, especially in the context of utilizing digital assets and stablecoins. Layer2's platform has the unique potential to disrupt the traditional payment ecosystem. The funding will be used to drive product development, expand into new markets, and grow the team.