Trace Finance has completed a $32 million Series A funding round, with CoinFund as the lead investor.

BlockBeats News, June 17th — Stablecoin payment infrastructure company Trace Finance has completed a $32 million Series A funding round. The round was 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 increased approximately 10 times since the 2022 seed round but did not disclose the specific valuation.

Headquartered in Brazil, Trace Finance primarily provides stablecoin cross-border payment infrastructure, combining local bank channels, foreign exchange, compliance, and stablecoin settlement capabilities. The company is currently licensed 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 entering the markets of 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.