Gabriele Sabbatini notes that, even in an age of instant communication, moving money around the globe is often slow and expensive. That’s why he started Hercle, a firm that uses stablecoin technology to make global transactions more efficient.

On Wednesday, Hercle announced it has raised $10 million in an equity round led by F-Prime, a global venture capital firm. It also raised a $50 million credit facility to support global expansion. Sabbatini declined to disclose Hercle’s valuation.

The name Hercle is a variation of Hercules, the hero in Greek mythology who had to complete twelve labors. In a sense, Sabbatini says, his company is taking many challenges head-on, just like Hercules.

“We work with global businesses and payment service providers to move money instantly,” Sabbatini said

See Full Page