Conduit raised $ 36M to expand cross-border stablecoin system

Conduit, a Boston-based cross-border payment company, has lifted $ 36 million in a series of a round of funding led by dragonfly and altos ventures. Capital will go to measure its payment system and expand money offerings throughout Fiat and Stablecoins.
Conduit markets are its payment system as an alternative to the messaging network Swift, or society for global interbank financial telecommunications. Banks have relied on the Swift Protocol to process wire transfers since the 1970s. The conduit claims its platform offers a modern alternative, which enables close to real-time cross-border repairs by integrating stablecoins into local fiat currencies through crypto infrastructure.
“Traditional cross-border payment systems do not meet the demands of modern businesses,” Kirill Gertman, Conduit CEO, said in a statement.
Additional funding participants include sound ventures, commerce ventures, DCGs, Circle Ventures, and two previous investors, Helios digital ventures and portage ventures. The conduit claims that its clients have saved more than 60,000 hours during the regulating hours and over $ 55 million on fees since launch in 2021.
Related: UK FCA requests public comments on Stablecoin, crypto keeping regulation
Funding for Stablecoin companies increases
Stablecoins see an increase in adoption. According to According to Defillama data, the Capitalization of the Stablecoins market reached $ 247 billion on May 28, a steep increase from $ 161 billion a year before. Over the past 12 months, the market cap jumped 54%.
Investors continue to bet on Stablecoin -focused startups. In April, the stablecoin firm Cap lifted $ 11 million in seed funding, while plasma That -secure $ 24 million in February. Startup Cedar Money also closed a $ 9.9 million rotation in January to support the Stablecoin payment platform.
Circle, the USDC provided and one of Conduit’s supporters, is preparing for a public debut. The company aims to raise $ 624 million through an initial public offering, targeting an appreciation of $ 6.71 billion, according to IPO files.
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