Stablecoin payment company Zynk completes $5 million seed round led by Hivemind Capital

BlockBeats News, November 4, according to The Block, stablecoin payment company Zynk has completed a $5 million seed round of financing, led by Hivemind Capital. A certain exchange Ventures, Alliance DAO, Transpose Platform VC, Polymorphic, Tykhe Ventures, and Contribution Capital also participated in this round.

Zynk co-founder and CEO Prashanth Swaminathan stated that this round of financing was conducted in the form of a Simple Agreement for Future Equity (SAFE) and was completed in August, but he declined to disclose the post-financing valuation.

Zynk is a cross-border payment infrastructure company supporting stablecoins, enabling users to achieve instant settlement without pre-funding. The company stated that the new funds will mainly be used to expand its transaction corridor coverage, enhance its liquidity, technology, and compliance infrastructure, and establish partnerships with leading global payment service providers.