Ex-Citadel quants raise $17M for Fin, a global stablecoin payments app

Citadel has submitted a letter to the U.S. Securities and Exchange Commission (SEC) challenging the regulatory framework surrounding decentralized finance (DeFi), which has led to significant backlash from industry stakeholders. This move is perceived as an attempt to classify DeFi under traditional financial regulations, raising concerns about the future of the sector.

Hayden Adams, the founder of Uniswap, has publicly criticized Citadel Securities for its recent submission to the U.S. Securities and Exchange Commission (SEC), which seeks to classify decentralized finance (DeFi) under the same regulations as traditional finance (TradFi). Adams argues that this move threatens the fundamental principles of open, peer-to-peer finance.

Fin, a company founded by former Citadel engineers, has successfully raised $17 million to develop a stablecoin payments application aimed at facilitating cross-border transactions. This funding comes as banks and fintech companies increasingly venture into the realm of digital assets.

Fin, a company founded by former Citadel engineers, has successfully raised $17 million in a Series A funding round to launch its stablecoin payments product on the Solana blockchain, aiming to facilitate fast and cost-effective transactions.