CoinFund leads $32M Series A for Trace Finance
Trace Finance raised $32 million in a Series A led by CoinFund, with backing from Coinbase Ventures, to expand its stablecoin settlement network linking banks in Brazil and the U.S.
New York-based Trace Finance raised $32 million in a Series A round led by CoinFund, the company announced Wednesday. Coinbase Ventures joined the round alongside Haun Ventures, Jump Capital, Chainlink Labs and individual investors including Circle co-founder Sean Neville, Solana co-founder Anatoly Yakovenko and Ricardo Villela Marino, vice chairman of Itaú Unibanco.
Trace operates a settlement network that connects traditional banks in Brazil and the United States with stablecoin systems. The firm reported it has processed more than $10 billion in cross-border volume and acts as a primary settlement partner for global payment companies such as dLocal.
Brazil’s regulator reclassified cross-border crypto transfers as foreign-exchange operations earlier this year. The company said that regulatory change shifted institutional flows away from unregulated crypto venues and increased demand for providers that combine on-chain settlement with licensed local banking relationships.
Trace will use the funding to strengthen its banking, payments and compliance systems and to expand beyond its initial U.S.-Brazil corridor into other Latin American markets, the United States and the Asia-Pacific region. The company is developing additional settlement products to deepen ties with banks across Brazil and the broader region.
Bernardo Brites, Trace’s co-founder and chief executive, wrote that stablecoins must be paired with regulated banking to work for cross-border payments. “Stablecoins alone do not solve cross-border payments. Stablecoins plus regulated local bank infrastructure does,” he wrote.
Einar Braathen, a partner at CoinFund, commented that companies able to link on-chain settlement with trusted local banking systems will capture the next phase of global money movement. Trace’s prior funding includes a 2022 seed round led by HOF Capital.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
