Trace Finance Completes $32 Million Series A Financing, Led by CoinFund

BlockBeats News, June 17: Stablecoin payment infrastructure company Trace Finance has completed a $32 million Series A financing round, led by CoinFund, with participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, HOF Capital, and others. Trace Finance co-founder and CEO Bernardo Brites stated that the company's valuation has grown approximately tenfold since its 2022 seed round, though the exact valuation was not disclosed. Headquartered in Brazil, Trace Finance primarily provides stablecoin cross-border payment infrastructure, integrating local banking channels, foreign exchange, compliance, and stablecoin settlement capabilities. The company currently holds licenses in the United States and Brazil and operates through partner banks in Mexico, Colombia, Europe, and Asia. Trace Finance plans to expand its operations in Mexico, Colombia, and Argentina, followed by entry into markets such as Singapore, Hong Kong, Japan, South Korea, and Southeast Asia. Brites also mentioned that the company will continue to apply for additional licenses in Singapore, the United States, and the Asia-Pacific region in the future.