Conduit Raises $36M to Expand Stablecoin-Based Cross-Border Payments Beyond SWIFT

Conduit, a Boston-based cross-border payments firm leveraging stablecoins, secured $36 million in Series A funding to expand its global payment infrastructure. The round, led by Dragonfly and Altos Ventures, also included participation from Circle Ventures and Digital Currency Group, highlighting the growing interest in stablecoin-based payment solutions.

Established in 2021, Conduit provides real-time payment services that seamlessly integrate cryptocurrency technology with traditional financial systems. Its platform supports both stablecoins and local fiat currencies, addressing the needs of businesses operating in regions with limited dollar access or volatile currencies. By streamlining cross-border transactions, Conduit claims to have saved clients over 60,000 hours in settlement time and more than $55 million in fees.

The company’s success reflects the rapid expansion of the stablecoin sector, a significant draw for venture capital investment. Stablecoins, pegged to external assets like the U.S. dollar, are becoming essential infrastructure for digital asset trading and are increasingly used for payments, savings, and remittances, especially in developing economies. Their lower costs and faster processing times offer a compelling alternative to traditional banking systems.

Conduit intends to utilize the newly acquired funding to expand its operations in Asia, Mexico, and other international markets. Rob Hadick from Dragonfly Capital will join Conduit’s board of directors as part of the investment agreement. Hadick’s statement emphasizes Conduit’s proven track record and the potential of stablecoins to revolutionize global payments: “With billions of annual transaction volume already flowing through Conduit’s platform, it has proven there’s a better way to move money globally and that stablecoins are the future of cross-border payments.”

This significant investment underscores the growing recognition of stablecoins as a crucial component of the future of finance, offering efficient and cost-effective solutions for businesses and individuals worldwide. Conduit’s expansion strategy positions it to capitalize on this burgeoning market and further solidify its role as a leader in the stablecoin-powered cross-border payments landscape. The company’s achievements, combined with the substantial investment, suggest a promising future for Conduit and the broader stablecoin ecosystem.