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a16z crypto-backed Shield raises $5M to help facilitate international business transactions in crypto
Crypto neo-bank Shield announced on Monday that it has raised a $5 million seed round led by Giant Ventures.
Emmanuel Udotong, co-founder and CEO, said he and his team started Shield because they were “disappointed by the lack of completing mainstream use cases for crypto.” Meanwhile, “bad actors” kept filling the space — and the headlines. So, he teamed up with his brother Isaiah and his college best friend, Luis Carchi, and to address how stablecoins could be used in international payments, as that was a pain point the trio faced when they last tried to build a trade business. “Today, trade businesses in regions like Latin America, Africa, and parts of Asia often wait days or weeks for international wires, pay high fees, and in many cases, can’t access US dollars at all,” Udotong continued.
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