BB DAILY 12-11-2024: Sphere lands $5M, Binance and Circle boost USDC, Quintenz leads CFTC race
Crypto adoption accelerates as Sphere targets cross-border payments, Binance and Circle drive stablecoin utility, and regulatory leadership shifts loom.
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December 12, 2024
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Sphere Secures $5 Million Investment from Coinbase and Kraken to Revolutionize Cross-Border Payments
Sphere, a stablecoin-focused cross-border payments company founded in 2022 by Arnold Lee and Luigi Charles, has raised $5 million in funding led by Coinbase Ventures and Kraken Ventures. Aiming to be the “Stripe for crypto,” Sphere facilitates international transactions using stablecoins and collaborates with banks to exchange them for local currencies. Its API enables rapid and compliant global payments, settling transfers within 15–30 minutes. The funding will support Sphere’s efforts in regulatory compliance and risk management as it seeks to streamline international money transfers.
Binance and Circle Partner to Expand USDC Adoption and Boost Crypto Utility Globally
Circle and Binance have announced a partnership to expand the adoption of the USDC stablecoin and enhance innovation in the global digital financial ecosystem. Binance will integrate USDC into its platform for trading, payments, and corporate treasury operations, benefiting its 240 million users. Circle will provide technology, liquidity, and tools to build trust and drive stablecoin utility. Executives from both companies highlighted the partnership’s potential to advance digital-asset adoption and strengthen the role of stablecoins in the global financial system.
Andreessen Horowitz’s Brian Quintenz Emerges as Top Contender for CFTC Chairmanship, Signaling Potential Crypto Policy Shift
Brian Quintenz, head of crypto policy at venture capital firm Andreessen Horowitz (a16z), has reportedly become the leading candidate to chair the U.S. Commodity Futures Trading Commission (CFTC), according to Bloomberg. If appointed, Quintenz’s leadership could usher in a transformative approach to cryptocurrency regulation, reflecting his experience in the crypto sector. His selection is seen as a significant opportunity to reshape the CFTC’s stance on digital assets, potentially fostering innovation while addressing regulatory challenges.
