Stable coin payment service provider Beam raises $7 million in funding

According to a report by Golden Finance, stablecoin payment service provider Beam announced the completion of a $7 million financing round, led by Castle Island Ventures, with participation from Archetype, Bankless Ventures, Verda Ventures, and Arca Fund. Currently, Beam has registered as a US money services company and meets SOC 2 Type II standards. The new funds are intended to support its use of stablecoins and fiat currencies for cross-border fund sending and receiving, providing real-time currency exchange, cryptocurrency to fiat currency conversion, and seamless integration with bank accounts and digital wallets.