Smart Contract Payment Platform Peanut Raises 1.5M for Cross Border Transfers
Payment protocol Peanut has raised $1.5 million in pre-seed funding to develop its stablecoin transfer platform according to a press release. The system aims to provide users with access to digital dollars without requiring technical expertise.
The protocol currently operates across more than 20 networks, enabling users to send and receive digital dollars with direct conversion to bank accounts in U.S. Dollars or Euros. The platform processes transfers without traditional banking infrastructure, resulting in near-instant settlements.
The system introduces URL and QR code based payments that work through common communication platforms like WhatsApp, Telegram, email, and SMS. This approach allows anyone to receive funds, whether they use digital dollars or traditional bank accounts.
"Texting money is now possible," said Hugo Montenegro, co-founder of Peanut and a Harvard graduate. "We use this to pay freelancers all the time. With Peanut, digital dollars move as easily as a Venmo or PayPal transfer—without the banking delays or hidden fees."
The technology uses smart contracts to maintain security and self-custody while keeping transactions user-friendly. Financial technology companies Blockscout, WalletConnect, and Clave Wallet have integrated Peanut's technology into their payment systems.
Co-founder Konrad Urban describes the platform's significance: "The efficiency of a global, instant settlement network without intermediaries would have been unthinkable a few years ago." He also points to the platform's potential impact in specific regions, stating that "the people of Argentina deserve better access to the dollar."
While the concept of instant stablecoin transfers isn't new, Peanut's focus on non-technical users through familiar messaging apps could help bridge the gap between traditional and digital finance systems. I believe solutions like this, which make digital dollars easily accessible through familiar tools, will drive broader adoption of decentralized technologies.
