Coinbase · Funding Round · U.S. · Decrypt
CoinFund, Coinbase Back Stablecoin Payments Startup Trace Finance in $32 Million Raise
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Trace Finance, a financial infrastructure company that links banks in Brazil and the United States to stablecoin settlement networks, said Wednesday that it has raised $32 million in a Series A funding round led by CoinFund, with backing from Coinbase Ventures, Haun Ventures, Jump Capital and several other crypto-focused investors.
Key facts
- The New York-based company says it has processed more than $10 billion in cross-border transaction volume and has become a primary settlement partner for several major global payment firms operating
- Trace's previous funding round, a 2022 seed raise, was led by HOF Capital
- He said the new funding will help the company expand beyond its initial U.S.-Brazil corridor into other Latin American markets, as well as the United States and Asia-Pacific region
- Bernardo Brites, Trace's co-founder and CEO, said the company's strategy rests on pairing stablecoins with traditional banking compliance rather than treating digital currency as a replacement
Summary
Trace Finance raised a $32 million Series A round led by CoinFund, with backing from Coinbase Ventures, Haun Ventures, and more. The funding comes as Brazil reclassifies cross-border crypto flows as foreign-exchange operations, pushing institutional volume toward bank-grade providers like Trace. The company plans to use the funds to expand beyond its U.S.-Brazil corridor into other Latin American markets, the U.S., and Asia-Pacific. The raise comes as Brazilian regulators reclassify cross-border crypto transfers as foreign-exchange operations, a shift that is pushing institutional money away from unregulated crypto platforms and toward licensed, bank-grade intermediaries—the niche Trace has built its business around.