The blockchain-based payments firm Borderless.xyz announced on Wednesday that it has emerged from stealth and raised $3 million in pre-seed funding.

Amity Ventures led the fundraise, bringing Borderless.xyz's total funding raised to $3.3 million. Nine additional angel investors, such as Talos founder Anton Katz and Fireblocks founder Michael Shaulov, also participated in the round, according to a release shared with The Block.

Borderless.xyz develops payment infrastructure permitting the global transaction of funds between stablecoins, real-world assets and other “internet native money” with fiat currencies. The company spans over 50 countries and accepts 23 currencies.

The firm plans to use the funds to bolster its geographic coverage by hiring more engineers and to add liquidity to its global stablecoin payments network, among other uses.

“Borderless.xyz is creating a new payments network that connects liquidity from stablecoin-enabled financial institutions all over the world across different blockchains and stablecoins into one orchestration layer and liquidity network to enable money to be moved anywhere at any time on these new rails,” the firm’s CEO Kevin Lehtiniitty told The Block in an email. “We’re doing for stablecoin-enabled financial institutions what Visa did for banks enabling products and platforms to build global cross-border payments on top of a unified global network.”

Amity Ventures Managing Partner CJ Reim will also join Borderless.xyz's board of directors following the pre-seed funding round.

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