# Sphere Labs

> Sphere Labs is a Boston- and Delaware-based fintech building the payments infrastructure for the stablecoin economy. Founded in 2022 by Arnold Lee and Luigi Charles, the company runs two products: SpherePay, a B2B cross-border payments API that moves money using a 'stablecoin sandwich' - converting local currency into a stablecoin, routing it across borders, then settling into the destination currency in 15-30 minutes; and SphereNet, a 'sovereign-grade' settlement ledger built on the Solana Virtual Machine for regulated financial institutions. Often described as a 'Stripe for crypto,' Sphere pairs developer-friendly APIs and SDKs with embedded compliance to help fintechs, institutions and businesses in emerging markets move value fast, transparently and legally. It raised a $5M strategic round in December 2024 led by Coinbase Ventures and Kraken Ventures.

- **Founded:** 2022
- **Headquarters:** Boston, Massachusetts, USA (incorporated in Delaware)
- **Founders:** Arnold Lee (Co-founder & CEO), Luigi Charles (Co-founder & CTO)
- **Team size:** ~61 employees (LinkedIn)
- **Products:** SpherePay, SphereNet, Developer Toolkit, Business Dashboard, Embedded Ramp
- **Notable:** Raised $5M strategic round co-led by Coinbase Ventures and Kraken Ventures (Dec 2024)., Reached 120+ countries of payment coverage., Reportedly processes billions of dollars in cross-border transaction volume.

## Products & services

- **SpherePay** — A B2B cross-border payments platform and API suite that lets fintechs and institutions move value across borders with speed, transparency and compliance. Uses a 'stablecoin sandwich' to convert local currency into a stablecoin, route it, then settle into the destination currency - typically in 15-30 minutes.
- **SphereNet** — A 'sovereign-grade' global settlement ledger built on a permissioned Solana Virtual Machine environment, with advanced cryptography, neutral governance and embedded compliance controls for regulated financial institutions.
- **Developer Toolkit** — RESTful APIs and SDKs for embedding global payments, on/off-ramps and multi-chain stablecoin transfers into applications.
- **Business Dashboard** — Turnkey web application with on- and off-ramping functionality for businesses to buy, sell, send and manage stablecoins.
- **Embedded Ramp** — A hosted, white-label widget that lets end users buy and sell stablecoins via fiat rails.
- **Private Desk** — Personalized OTC support for large-scale transfers with optimized FX pricing.

## Achievements

- Raised $5M strategic round co-led by Coinbase Ventures and Kraken Ventures (Dec 2024).
- Reached 120+ countries of payment coverage.
- Reportedly processes billions of dollars in cross-border transaction volume.
- Built SphereNet, a permissioned settlement ledger on the Solana Virtual Machine for regulated institutions.
- CEO Arnold Lee featured as a speaker at Consensus Hong Kong 2025 and on multiple Solana/payments podcasts.
- Backed by a deep bench of crypto and trading firms including Jump Crypto, HRT, Pyth and Solana Ventures.

## Latest updates

- **2024-12** — Closed $5M strategic funding round co-led by Coinbase Ventures and Kraken Ventures to expand regulatory compliance and risk-management functions.
- **2025-01** — CEO Arnold Lee spoke at Consensus Hong Kong 2025 and discussed bringing the 'stablecoin sandwich' to Latin America.
- **2025-02** — Sphere positioned SphereNet as a sovereign-grade settlement ledger on the Solana Virtual Machine for regulated fintechs.

## Links

- Website: https://spherepay.co
- LinkedIn: http://www.linkedin.com/company/sphere-laboratories
- Twitter/X: https://twitter.com/sphere_labs
- GitHub: https://github.com/Sphere-Laboratories

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Profile page: https://yespress.io/sphere-labs
Published by YesPress — https://yespress.io
Last updated: 2026-07-02