According to news on December 12, cross-border stablecoin payment company Sphere completed US$5 million in financing, led by Coinbase Ventures and Kraken Ventures. The funds raised will be used to further invest in regulatory compliance and risk management functions. Sphere was founded by Arnold Lee and Luigi Charles in 2022. By partnering with global financial technology companies and licensed remittance service providers, Sphere enables cross-border payments of stablecoins between enterprises, and can convert stablecoins into local legal currencies at the destination.