Latitude raises $8M for stablecoin payouts.
Latitude has come out of stealth and announced the team had raised $8M to provide U.S. businesses with easy stablecoin-to-fiat conversions and payout to workers and receivers in local currency. NEO led the round, with other participants including Coinbase Ventures, Paxos, Solana Foundation, Bitso, among others.
The team is focused on providing more stable and transparent interbank FX rates between U.S. dollars and other currencies, with the service currently being live across 50+ countries. There is appears to be a standard 0.5% rate without initial volume requirements.
While this product line is specifically for making regular payouts to employees, contractors, and creators, Latitude is in parallel working on an on/off-ramp stablecoin solution for global fintech providers. For this, the pricing will likely be more market dependent.
