Coinflow is a payments solution firm whose products allow web3 companies to accept traditional payment methods and payout their customers in the same manner that is, starting from cryptocurrency to USD in their traditional bank accounts. The primary use case of Coinflow’s infrastructure is helping NFT projects, games, wallets and other similar web3 applications to non-crypto native customers. Coinflow abstracts its services in a manner that gives non-crypto native customers a familiar traditional payment option while it handles all the infrastructure behind the scenes.
To facilitate its further development, Coinflow has raised $1.45 million in a pre-seed funding round that was co-led by Jump Crypto and Reciprocal Ventures. The funding round also attracted other participants including CMT Digital, Digital Currency Group, Gumi Cryptos, Builder Capital, Prompt Ventures and Blocktech Ventures among other angel investors.
Coinflow was founded in 2022 by Daniel Lev and boasts to have a team led by full-stack software engineers with expertise in web3 gaming and consumer applications. The firm is on a mission to strengthen the bridge between traditional banking infrastructure and blockchain technology so as to seamlessly onboard web3 consumers including non-crypto native consumers. The infrastructure under Coinflow’s development is set to make transactions simpler, more secure and efficient for web3 companies accepting traditional payments. The infrastructure is also comprehensive in that users can buy NFTs with the use of a credit card, a traditional form of payment.
Coinflow’s products are currently live on some chains including Solana, Polygon, Ethereum and Near with plans to expand onto more chains. To meet its obligations, Coinflow has partnered with Web3Auth, a non-custodial auth infrastructure provider, as well as Tier 1 US Banks for payment processing and off-ramp services. The firm also adopted FedNow, a US program that enables financial institutions to deliver end-to-end payment services to their customers at faster speeds. FedNow is anticipated to be launched towards the end of this year.
The complete rollout of Coinflow’s infrastructure will enable web3 businesses retain their customers as services can be purchased using credit cards at minimal costs and firms can be able to facilitate lighting-fast user payouts. The services are also frictionless therefore, allowing for seamless payments.
