Stablecoin Payment Service Provider Beam Completes $7 Million Financing

According to a report by Jinse 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. Beam is now registered as a U.S. money services business and complies with SOC 2 Type II standards. The new funds are intended to support its use of stablecoins and fiat currency for cross-border fund transfers, providing real-time currency exchange, conversion from cryptocurrency to fiat currency, and seamless integration with bank accounts and digital wallets.