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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.
The name Hercle is a variation of Hercules, the hero in Greek mythology who had to complete twelve labors. In a sense, Sabbatini says, his company is taking many challenges head-on, just like Hercules.
“We work with global businesses and payment service providers to move money instantly,” Sabbatini said in an interview with Fortune. “We provide the end-to-end, institutional grade infrastructure to do that.”
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 Read Entire Article
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