Conduit, a cross-border payments firm that uses stablecoins, has raised $36 million in a Series A round to expand its global payment rails, the company said on Wednesday. The round was led by Dragonfly and Altos Ventures, with backing from Circle Ventures and Digital Currency Group among others.
Founded in 2021, the Boston-based startup offers real-time payments that blend crypto infrastructure with traditional finance systems. Its platform supports both stablecoins and local fiat currencies, helping businesses in markets with limited dollar access or unstable currencies move money more efficiently.
The firm claims that its clients have saved over 60,000 hours in settlement time and avoided more than $55 million in fees.
Stablecoins are one of the fastest-growing sectors in crypto, and an increasingly attractive target for venture capital investments. With their prices anchored to an external asset, predominantly to the U.S. dollar, they serve as a key piece of infrastructure for digital asset trading. They are also increasingly popular vehicle for payments, savings and remittances, especially in developing countries, as a cheaper and speedier alternative to traditional banking rails.
Conduit says the funding will help it grow its footprint in Asia, Mexico and other parts of the world. Rob Hadick of Dragonfly Capital will join Conduit’s board as part of the deal.
“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,” Hadick said in a statement.
Read more: Stablecoins Could Bring ‘ChatGPT’ Moment to Blockchain Adoption, Hit $3.7T by 2030: Citi