The most exciting web3 opportunities center around applications that will onboard many millions, and eventually billions, of users to crypto by offering a combination of true utility and an easy to use, best in class consumer product. These products have to solve real problems and do so in a way that brings a sense of magic to the average user. Something that used to be harder, more expensive, or less enjoyable simply becomes easier and better. Crypto needs to be the “how” but not the “why.”
10 months ago we watched Mike Hudack unveil Sling at the Breakpoint Solana conference and immediately believed that Sling had an opportunity to do exactly that. In the talk, Mike described Sling as “the money button for your phone.” Sling takes the world of expensive, clunky, and slow cross border payments and makes them better, faster, and cheaper. In seconds, users can instantly send money across 50+ countries in Europe and Africa–and, soon, across the globe–whether or not the receiver is a Sling user. You add money to your wallet, search the name of the person you are sending to in the global directory (no need to remember usernames), enter the amount in any currency, and hit send. With Sling Links, you can send money inside any messaging app, no bank details required. You can send money from Berlin to Nairobi to Zurich in seconds with little or no fees. Without Sling, they’d cost percentages of the transaction value and be settled over hours or even days.
To a user, this feels like magic. Under the hood, it’s possible because transfers are performed using Pax Dollars (USDP), a US dollar-backed stablecoin. The Sling app converts between fiat currency and USDP (and back again) instantaneously and for only a fraction of a penny. It handles all KYC/AML and regulatory compliance. Users get fast, cheap, seamless payments and stablecoins allow for speed, cost and reach that otherwise isn’t possible.
As the way we approach living and working across the world evolves, the cross border payment market is on a tear. An $160B market today is set to double in 10 years. The current options will enable this growth, but foundationally new ones like Sling will supercharge and transform it. Mike, Simon and their team are uniquely positioned to build the platform that becomes the go-to consumer option for cross border payments on stablecoin rails. Mike has spent his career leading and building products for beloved consumer applications as the CPO of Monzo and Deliveroo and, before that, Facebook. Simon has designed key pieces of products like Spotify and Monzo. Their team balances deep experience in building buttery products with the patience and knowledge necessary for navigating the complexities of payments, blockchain, and regulation.
We are excited to be investors in Sling, lead the Series A, and work with Mike, Simon and their team. Try the product, send some money to your friends and family in other countries (as Sling becomes available where you live), and let us know what you think.
