Trace Finance, a U.S.-based infrastructure company for cross-border banking and payments, has raised $32 million in a Series A round led by CoinFund. Other investors involved include Coinbase Ventures, Haun Ventures, Valor Capital, Jump Capital, Paxos, and HOF Capital.

 

According to the team, the funds will be used to support Trace’s expansion by scaling its transaction capacity and extending its stablecoin infrastructure beyond its current limits. With this funding, the team also aims to advance its vision of connecting the U.S. with Latin America.

 

Launched in 2021, Trace Finance was created to address settlement challenges such as poor service, high fees, and operational friction that hindered cross-border settlements and international remittances in Latin America. So far, the Trace team has remained focused on its mission, processing more than $10 billion in cross-border volume while serving as a leading provider for four of the largest global payment companies in Latin America.

 

“The international payments market has transformed profoundly in recent years. Beyond technological advances, flows are becoming increasingly complex, requiring operators to have deep regulatory knowledge and to operate through local regulated structures,” said Bernardo Brites, co-founder and CEO of Trace Finance.

 

“This round allows us to deepen the payments, compliance, and settlement infrastructure used by the largest technology companies, exchanges, international banks, and payment companies to connect digital settlement with trusted local financial systems.”

 

The team also plans to strengthen its product capabilities in foreign exchange, banking connectivity, compliance, and international settlement, while expanding its regulated footprint across the United States, Brazil, Latin America, and the Asia Pacific region.

 

Stablecoin Companies See Continued Investor Interest

Just as Trace Finance has, several crypto startups, especially stablecoin-focused companies, have attracted millions of dollars in investment. Range, a Switzerland-based company building stablecoin treasury and compliance tools for wallets, banks, and exchanges, recently raised $8.3 million in a Series A round.

 

Last month, OpenTrade, a company building institutional-grade "yield as a service" infrastructure for stablecoins, raised $17 million in a seed round led by a16z crypto. Checker, a company building a platform that allows financial institutions to access stablecoin liquidity, cross-border payments, treasury management, and credit, raised $8 million. To date, Checker has processed over $8 billion.