Trace Finance, a stablecoin infrastructure firm, announced a $32 million Series A funding round to expand its cross-border settlement offerings. The raise reflects growing institutional interest in connecting blockchain payments with traditional banking rails.
CoinFund led the round, with participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, and Chainlink Labs, among others. The company's valuation grew 10x from its seed round, though specific figures were not disclosed by sources. The funding comes as stablecoin regulation advances globally.
The raise signals deepening venture capital appetite for payment infrastructure that bridges crypto and fiat systems. Coinbase Ventures' involvement underscores strategic interest from major exchange-linked funds in stablecoin settlement technology.
Stablecoins have become a critical on-ramp for crypto markets, with growing total market capitalization and transaction volumes. Trace Finance operates in a competitive space that includes firms like Circle and Ripple, targeting enterprise cross-border payments.
Community reaction has been positive, with developers noting the potential for reduced settlement times and costs. Competing protocols may face pressure to innovate as capital flows into specialized infrastructure providers.