"Gabriele Sabbatini notes that, even in an age of instant communication, moving money around the globe is often slow and expensive. That's why he started Hercle, a firm that uses stablecoin technology to make global transactions more efficient. On Wednesday, Hercle announced it has raised $10 million in an equity round led by F-Prime, a global venture capital firm. It also raised a $50 million credit facility to support global expansion. Sabbatini declined to disclose Hercle's valuation."
"Hercle's fundraise comes at a time when stablecoin technology, or a type of cryptocurrency pegged to the U.S. dollar, is the hottest new thing in blockchain. This summer, Congress passed legislation which created the regulatory framework for stablecoins. The bill opened the door for Big Tech companies and major financial institutions to expand their blockchain offerings. Other startups are also jumping at the opportunity to use stablecoins to move money internationally more easily."
Gabriele Sabbatini founded Hercle to use stablecoin technology to accelerate and reduce the cost of cross-border money movement. Hercle raised $10 million in an equity round led by F-Prime and secured a $50 million credit facility for global expansion. The company provides end-to-end, institutional-grade infrastructure to enable instant transfers for global businesses and payment service providers, including remittances. Stablecoins pegged to the U.S. dollar now have a regulatory framework after recent congressional legislation, enabling banks and Big Tech to expand blockchain offerings. Founders include CEO Gabriele Sabbatini, CFO Arturo Schembri, and CTO Marco Levarato. Hercle has 30 employees and charges fees for services.
Read at Fortune Crypto
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