Trace Finance completed a $32 million Series A financing, led by CoinFund

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. Bernardo Brites, co-founder and CEO of Trace Finance, stated that the company's valuation has increased approximately tenfold since the seed round in 2022, but did not disclose the specific valuation.

Trace Finance is headquartered in Brazil and 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 business in Mexico, Colombia, and Argentina, followed by entry into the Singapore, Hong Kong, Japan, South Korea, and Southeast Asian markets. 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.