PANews reported on May 28 that according to official news, the stablecoin-based payment service provider (PSP) Beam raised US$7 million in a round of financing led by Castle Island Ventures, with participation from Archetype, Bankless Ventures, Verda Ventures and Arca Fund.

Beam is a payment platform that connects traditional finance with blockchain technology. The platform enables users to send and receive funds across borders using stablecoins and fiat currencies, providing real-time currency exchange, cryptocurrency to fiat currency conversion, and seamless integration with bank accounts and digital wallets. Beam is registered as a US money service business and complies with SOC 2 Type II standards.