- Conduit raised $36 million in Series A funding to expand stablecoin-powered cross-border payments.
- The funding round was led by Dragonfly and Altos Ventures, with support from investors such as Sound Ventures, Commerce Ventures, and Circle Ventures.
- The company reports a 16x increase in transaction volume during 2024, now processing payments at a $10 billion annual rate.
- Conduit partners with two dozen banks and supports various global payment systems for international transfers.
- The investment is part of a larger trend in stablecoin infrastructure, with other firms like OpenFX, BVNK, and Stripe announcing recent developments.
Conduit, a Boston-based platform for cross-border payments, raised $36 million in a Series A funding round. The investment aims to help the company scale its infrastructure, which uses stablecoins and traditional banking networks to move money internationally.
The round was co-led by Dragonfly and Altos Ventures, with further participation from Sound Ventures, Commerce Ventures, Circle Ventures, and others. Conduit reported a significant surge in business activity this year, processing 16 times more transactions and reaching a $10 billion annualized payment volume. Its team consists of 57 employees and supports more than 100 clients.
According to the company, clients have saved over $55 million in fees by using its integrated platform for cross-border payments. The service operates on multiple payment rails, including U.S. dollar-based networks like SWIFT, ACH, and FedWire, as well as local systems in Europe, the United Kingdom, China, Hong Kong, Mexico, Brazil, Colombia, Nigeria, and Kenya. These systems serve regions in North America, Latin America, Europe, Africa, and Asia.
Conduit has developed direct partnerships with about 24 banks worldwide. This network allows faster settlement of payments when compared to traditional correspondent banking, which can involve multiple intermediaries and longer wait times. The company plans to further enter Asian markets and increase its presence in Mexico.
Chief Executive Officer Kirill Gertman said, “Traditional cross border payment systems do not meet the demands of modern businesses. Conduit’s platform seamlessly bridges the gap between traditional banking and stablecoin technology, offering unparalleled speed, affordability, transparency and reliability.” Stablecoins are digital currencies tied to standard assets like the U.S. dollar to keep their value stable during transactions.
Recent interest in stablecoin-based payment solutions is reflected in similar activities by other companies. For example, OpenFX secured $23 million for its own international stablecoin transfers, VISA backed the B2B stablecoin company BVNK, and MoonPay purchased Iron’s stablecoin API platform. Stripe also broadened its stablecoin offerings to 101 countries after acquiring Bridge.
For more information about the company’s stablecoin-powered payment solutions, visit Conduit.
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