Three Titans Bet $17 Million, FIN Makes Strong Move into Cross-Border Payments
Original Title: "Pantera, Sequoia, Samsung Join Forces to Bet, Will FIN Take Over Traditional Banks' Territory?"
Original Author: KarenZ, Foresight News
In the current global financial system, large-scale cross-border transfers still suffer from the issues of "slow processing, high fees, and cumbersome procedures." A startup named FIN is leveraging stablecoins to tackle this pain point head-on, attempting to reshape the industry status quo.
Founded by two former Citadel employees, FIN is not playing small in the fringes but is building a large-value payment rail through stablecoin technology, aiming to provide enterprises and high-net-worth individuals with instant, efficient cross-border transfer experiences.
In early December 2025, FIN announced the completion of a $17 million financing round, led by Pantera Capital, with participation from Sequoia and Samsung Next. The capital endorsement highlights its runway potential.
So, what kind of product is FIN exactly? What is its background? How will it operate and land in the future? This article will take you on a journey to explore these questions.
FIN's Core Positioning
Many people's first impression of this team comes from its predecessor TipLink—a lightweight tool that supports the transmission of encrypted assets via URL links, supports the Solana network, and is feeless.
However, under the new name FIN, the goal has been elevated to be a "global payment app challenging traditional banks," focusing on meeting the multimillion-dollar large-value transfer needs of users and businesses, supporting transfers to other FIN users, direct deposits to bank accounts, or circulation through cryptocurrency channels in diverse scenarios.
FIN CEO Ian Krotinsky clearly stated in an interview with Fortune magazine that the company's core goal is to build the "future of payment apps": leveraging the technical advantages of stablecoins while stripping away their complex professional barriers, achieving barrier-free global use.
This positioning aligns well with the current trend in the stablecoin race.
Core Team: Quantitative Genes + Pain Point Drive
One of FIN's key competitive advantages lies in the hardcore background of its founding team.
· FIN Co-Founder and CEO Ian Krotinsky: Before founding the project in 2022, he served as a quantitative investment portfolio manager and trader at a top hedge fund Citadel from 2016 to 2022, and previously worked as a programmatic trader at Goldman Sachs.
· FIN Co-Founder and CTO Aashiq Dheeraj: Former Quantitative Researcher at Citadel Securities from 2018 to 2022.
According to Fortune magazine, the two worked together at Citadel and often used evenings and weekends to develop various hacking projects, including a Reddit-like platform where users would receive a $50 reward if their post made it to the front page. It was this experience that made them acutely aware of the inefficiency and high cost of traditional cross-border transfers, ultimately deciding to leverage blockchain technology to address this industry pain point.
According to the FIN website, the team members also have backgrounds from companies such as Google, Meta, Uber, and leading U.S. digital bank Chime.
Funding Journey
As early as February 2023, TipLink completed a $6 million seed round, led by Sequoia Capital and Multicoin Capital, with participants including Solana Ventures, Circle Ventures, and Paxos.
Close to 3 years later, on December 3, 2025, FIN announced the completion of a $17 million Series A funding round, led by Pantera Capital, with participation from Sequoia Capital (Sequoia Capital) and Samsung's investment arm Samsung Next. Several industry veterans, including Helius CEO Mert, Bridge CEO Zach Abrams from Stripe's stablecoin infrastructure company, Ellipsis Labs Co-Founder Jarry Xiao, and Tensor Co-Founder Richard Wu, joined as angel investors.
From TipLink to FIN: How Does the Project Work?
As mentioned earlier, FIN was formerly known as TipLink. TipLink is a lightweight wallet, with its key innovation being that the link itself serves as a non-custodial wallet, currently supporting only the Solana network and charging no fees.
TipLink has built a mature lightweight payment ecosystem:
· Regular users can log in via Web3 wallets or Google accounts, create a TipLink, share it via any platform such as SMS, Discord, or email, and recipients can activate the wallet automatically by logging in with Gmail, enabling asset holding, transfer, or redistribution;
· Enterprise-grade product TipLink Pro supports the distribution of tokens or NFT assets through a single control panel;
· Developer-focused TipLink Wallet Adapter supports seamless wallet integration, allowing users to sign transactions with just a Google account.
Although the reshaped FIN has not disclosed all the details, it has clearly defined five core operational logics:
· Based on the stablecoin USDC: FIN supports the use of the USDC stablecoin as a settlement medium. Jeremy Allaire, co-founder and CEO of Circle, stated in a demo of FIN's launch that the seamless connection between USDC corporate accounts and payments, as well as the interoperability of fiat and cryptocurrency in the background, brings an efficient user experience.
· Focus on "High-Value Transactions": Unlike TipLink's early focus on low-value transfers for retail consumers and many small payment apps targeting retail consumers, FIN is focused on high-value institutional transactions. Use cases include asset transfers for high-net-worth individuals, import/export trade settlements, cross-border corporate internal transfers, and more.
· Hub for Fiat and Digital Assets: As Jeremy Allaire mentioned, thanks to the interoperability of fiat and cryptocurrency in the background, users can convert fiat to stablecoin for cross-border transfers. The recipient can choose to hold the stablecoin or cash out directly to a local bank account through FIN's compliance channels.
· Where Does Revenue Come From? According to Fortune magazine, FIN indicates that its revenue will come from fees, but these fees will be lower for users compared to other alternative solutions. Additionally, FIN will also generate revenue through interest income on stablecoins held in the FIN wallet.
· "De-Crypto" Experience: Ian Krotinsky explicitly stated that FIN aims to leverage the advantages of stablecoins while eschewing their complexity. When using FIN, users do not need to understand concepts like gas fees, private keys, or on-chain confirmations.
Conclusion
From TipLink's "Link Transfer" as a single-point feature to FIN's "Payment Platform," the Web3 payment track is evolving from "fun" to "useful" and "commercially viable."
If TipLink has brought the convenience of "sending money through a link" to users, then FIN aims to make this convenience the daily standard for global business trade.
In the increasingly crowded stablecoin field, FIN stands out as a player worth long-term attention due to its team's quantitative genetics, clear institutional positioning, and compatibility with traditional finance.
FIN has revealed plans to launch a pilot project targeting import and export enterprises. For such enterprises, cross-border payment efficiency directly impacts supply chain turnover, and FIN's "instant settlement" service may further drive efficiency in the cross-border payment industry.
You may also like

From x402 to MPP: Cloudflare's crucial vote, will it go to Coinbase or Stripe?

BlackRock CEO issues annual open letter: The wave of tokenization has arrived, and we will lead this trend

When Backpack backstabs the community

When gold is no longer a safe haven, and Bitcoin continues to panic

Trump, the World's Largest Oil Trader

If the US and Iran have not reached an agreement in 5 days, what other cards does Trump have?

Tether Whale Dumps £12 Million, Backing Crypto’s ‘British Trump’

Ethereum Foundation Post: Rethinking the Division of Work Between L1 and L2 to Build the Ultimate Ethereum Ecosystem

Two Major Prediction Market Platforms Unite Rarely, What Is the Story Behind This New Fund?

Dragonfly Partners: Most agents will not engage in autonomous trading, how can crypto payments prevail?

US AI Startup Goes All In on Chinese Mega-Model | Rewire News Morning Brief

Trump Lies Again: A "Five-Day Pause" Psyop, How Wall Street, Bitcoin, and Polymarket Insiders Synced Uposciogen

When a Token Becomes Labor, People Become the Interface

Ceasefire News Leaked Ahead of Time? Large Polymarket Bets on Outcome Before Trump's Tweet

BlackRock CEO's Annual Shareholder Letter: How is Wall Street Using AI to Keep Profiting from National Pension Funds?

Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

The US AI Startup Is Loving China's Open Source Model

