Rain, a prominent cryptocurrency platform, recently secured $24.5 million in funding to enhance its crypto Visa card offerings and expand its global reach. The firm plans to use the new funding to fund the faster rollout of cards enabled by the forthcoming stablecoin. They want to take advantage of the increased use in stablecoins for remittances, cross-border payments, and dollar-denominated savings.

The funding announcement comes on the heels of a breakout year for Rain, with the company declaring 15x revenue growth. Rain highlighted its focus on global expansion, adding that it is already making payments in more than 100 countries. As a Visa Principal Member, Rain is leveraging the integration of stablecoins to everyday transactions. Their proprietary blockchain infrastructure is the current backbone behind making any of this seamless.

The company’s pivot to stablecoins shows how the broader cryptocurrency industry is going in this direction. These digital assets, pegged to stable currencies like the US dollar, are gaining traction for their stability and efficiency in various financial applications. Rain is making a particularly audacious bet by launching stablecoin-enabled prepaid cards. This collaboration makes it easy for users to use their digital assets far and wide.

The recent funding round further illustrates the intense interest in companies that are helping to bridge the gap between crypto and traditional finance. RedotPay, another competitor in the crypto payment space, raised $40 million in funding earlier this month. In the same vein, Mesh recently raised $82 million to enrich transactions that include crypto assets and merchants. Together, these investments underscore the growing consumer demand for easy-to-use and reliable crypto payment options.

Rain's strategic focus on stablecoins and its investment in proprietary blockchain infrastructure position it as a key player in the evolving landscape of digital payments. By making it faster to roll out stablecoin-enabled cards, the company hopes it can accelerate adoption of cryptocurrencies for everyday use.