Odaily Planet Daily reports that Zynk, a stablecoin-based cross-border payment infrastructure platform, has announced the completion of a $5 million seed funding round, led by Hivemind Capital, with participation from Coinbase Ventures, Alliance DAO, Transpose Platform VC, Polymorphic, Tykhe Ventures, and Contribution Capital. This funding round was completed in August of this year via a SAFE agreement.

Zynk stated that the new funds will be used to expand global payment gateway coverage, enhance liquidity, technology, and compliance infrastructure, and establish partnerships with major payment service providers. The platform supports instant settlement in fiat and stablecoin currencies, providing seamless integration solutions for Web2 and Web3 payment companies, eliminating the need for pre-deposited funds in different markets or complex liquidity management, thereby freeing up idle capital and reducing settlement costs.

Zynk co-founder and CEO Prashanth Swaminathan stated that Zynk is building infrastructure that "makes global payments flow like data," aiming to break down barriers to cross-border payments that rely on pre-financing. Its payment network currently supports instant cross-border settlements between US dollars, euros, UAE dirhams, Indian rupees, Mexican pesos, and Philippine pesos. (The Block)