Former Citadel engineers Ian Krotinsky and Aashiq Dheeraj successfully secured 17 million dollars to launch an app focused on streamlining high-value cross-border payments. As Krotinsky stated to Fortune, the platform seeks to overcome current limitations, allowing global transfers to happen instantly without the usual delays of banking networks.
The startup, which previously operated under the name TipLink, closed this funding round with backing from investment giants like Pantera Capital, Sequoia, and Samsung Next. Fin is scheduled to start a pilot test next month, specifically targeting import and export businesses that move hundreds of thousands of dollars.
The infrastructure is built on stablecoin rails, facilitating the sending of funds to other apps, bank accounts, and digital wallets seamlessly. Additionally, the company plans to generate revenue through competitive transaction fees and interest earned on wallet balances, offering costs lower than banking alternatives that dominate the current market.
On the other hand, this initiative emerges to solve critical inefficiency in high-volume transfers that popular services like Venmo or Zelle cannot process adequately. The central objective is to provide a robust solution for international trade, eliminating time and cost barriers that have historically held back global businesses.
By using blockchain technology, Fin promises to modernize obsolete financial infrastructure, creating an efficient and necessary bridge between digital assets and the conventional fiat system. This represents a significant advance for companies requiring immediate liquidity for their daily operations.
Are traditional banks prepared to compete against the efficiency of stablecoins?
Likewise, the traditional financial sector is reacting to the rise of these technologies, accelerating its own foray into stablecoin products since the GENIUS Act took effect. Major institutions like JPMorgan Chase and Citigroup have expressed their intention to participate directly, recognizing the growing competition from fintechs building superior payment tools.
Thus, the entry of players like Visa and Western Union into the stablecoin settlement space validates institutional demand for fast solutions, signaling a paradigm shift in how money moves. Visa, for example, already plans to broaden its capabilities across multiple blockchains.
Finally, the launch of Fin represents a decisive step toward the total convergence between traditional finance and the new decentralized digital economy. As more companies adopt these tools for their cross-border payments, we are likely to see significant deflationary pressure on global banking fees. Competition is expected to intensify rapidly, driving greater innovation in settlement services and benefiting end users with greater speed and financial transparency.
