'YZi Labs', invests $50 million in stablecoin payments company

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Summary

YZi Labs said it led a $50 million seed investment in stablecoin payments company Better Payment Network (BPN).
BPN said it will use the funds to build on-chain liquidity pools and develop a market-making system for trading between stablecoins.
BPN said it aims for shorter transfer times and lower fees by supporting real-time issuance, exchange, and settlement of fiat-backed stablecoins.

Binance-affiliated venture capital YZi Labs led the seed round of stablecoin payments company Better Payment Network (BPN).

On the 15th (local time), The Block reported that BPN said it had completed a $50 million seed investment led by YZi Labs. The company said it plans to use the funds to build on-chain liquidity pools and to develop a market-making system for trading between stablecoins.

BPN is a stablecoin payments infrastructure company designed on Binance Smart Chain (BSC) and has adopted a hybrid structure that combines the advantages of centralized finance (CeFi) and decentralized finance (DeFi). By supporting real-time issuance, exchange, and settlement of fiat-backed stablecoins, it aims to reduce cross-border remittance time from the existing 2 days to within several hours and lower fees from about 2% to around 0.3%.

YZi Labs said, "BPN is building a payments ecosystem with the scalability and efficiency to outperform both traditional financial payment networks (Web2) and fragmented Web3 payment solutions."

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