CoinFund Leads $32M Round in Stablecoin Infrastructure Firm Trace Finance

Trace Finance has raised $32 million in a Series A round led by CoinFund, with participation from Coinbase Ventures, Jump Capital and Paxos. The firm provides banking, foreign exchange and stablecoin settlement infrastructure for cross-border payments across Latin America.

It says it has processed more than $10 billion in transaction volume and plans to use the fresh capital to expand across LatAm, the US and Asia-Pacific markets. Trace previously raised $4.3 million in a 2022 seed round led by HOF Capital, with participation from Circle Ventures and Mantis VC; HOF Capital also joined the Series A.

Stablecoin market capitalization stood at about $315 billion. Regulatory and market developments are accelerating efforts to link blockchain payments with traditional banking and FX networks.

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