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BTC Latitude completes a US$35 million Series A financing led by Oak HC/FT, with a total financing amount of US$43 million
Latitude, a payment startup founded by Stripe and former Uber employees, announced that it has completed a US$35 million Series A financing led by Oak HC/FT, bringing its cumulative financing amount to US$43 million. Coinbase Ventures, NEA and Lightspeed Factor also participated in this round of investment.
The Texas-based startup is committed to turning stablecoins into local payment channels, eliminating the need for recipients to directly process cryptocurrencies. At the same time, the participation of well-known law firm Wilson Sonsini also marks that the company is receiving institutional endorsement support.
Solving the "last mile" problem in cross-border payments
The problem solved by Latitude is very common in the cross-border payment space: stablecoins can transfer value across borders at low cost and efficiency, but recipients usually still need to hold fiat in local bank accounts or mobile wallets, rather than a balance of crypto-assets that need to be realized on their own. Latitude's product fills this gap by accepting stablecoin payments and converting them into the local payment channel that the recipient actually uses, without the user having to touch any crypto-wallet the entire time.
Investor lineup reflects strategic positioning
It is this product positioning that attracts specific types of investor portfolios. Coinbase Ventures brings distribution resources in the native crypto space, while traditional fintech investors such as Oak HC/FT and NEA are more concerned about whether the underlying payment infrastructure can operate stably in large-scale scenarios than whether it involves the concept of cryptocurrency.
This bets on a specific vision: stablecoins will be integrated into existing financial habits as "invisible" settlement channels, rather than requiring users to change behavior to directly use cryptocurrency products. By making it impossible for users to perceive the existence of stablecoins, Latitude attempts to make the stablecoins experience as natural and smooth as local cash.
