Trace Finance, a regulated financial infrastructure provider for cross-border payments and stablecoin settlement, has closed a $32m Series A funding round led by CoinFund to scale its operations across Brazil, the United States and emerging markets.
The round drew participation from Coinbase Ventures, Haun Ventures, Jump Crypto, Valor Capital, Paxos and HOF Capital, among others. Strategic backers Chainlink Labs and SNZ Capital also joined the round, alongside a group of prominent industry founders including Sean Neville, co-founder of Circle; Anatoly Yakovenko, co-founder of Solana Labs; Bam Azizi, co-founder and CEO of Mesh; and Ricardo Villela Marino, partner and vice chairman of Itaú Unibanco, Latin America’s largest bank.
The proceeds will fund an expansion of transaction capacity and extend the company’s regulated infrastructure into additional high-growth corridors globally.
Trace has built its business around one of the world’s most demanding payment environments. Brazil ranks among the top five countries globally for stablecoin infrastructure concentration and has recently reclassified virtual asset cross-border flows as foreign exchange operations, a regulatory move that pushes institutional activity away from non-bank providers and onto bank-grade rails. The company has processed more than $10bn in cross-border volume to date and serves as the primary infrastructure provider for the top four global payment providers operating in Latin America, including dLocal. The Series A capital will be deployed to deepen product capabilities across FX, bank connectivity, compliance and stablecoin settlement, as well as to pursue regulatory expansion in Brazil, the US, APAC and other priority markets.
Trace combines local payment rails, foreign exchange capabilities, compliance operations, banking infrastructure and stablecoin-enabled settlement to serve enterprises, FinTechs, exchanges and global payment companies. The company was built with an initial focus on the US-Brazil corridor before extending its regulated stack into broader LatAm and, now, international markets. New settlement products are also in development, designed to deepen Trace’s role connecting local financial systems in Brazil and LatAm with global stablecoin liquidity.
Trace Finance co-founder and CEO Bernardo Brites said, “Stablecoins alone do not solve cross-border payments. Stablecoins plus regulated local bank infrastructure does. This round lets us deepen the banking, payments, and compliance infrastructure that global fintechs, exchanges, international banks and enterprises rely on to bridge digital settlement with trusted local financial systems. We built Trace bridging the U.S. to Brazil and are now extending that infrastructure across LatAm and other emerging markets.”
CoinFund partner Einar Braathen said, “The next phase of global money movement will be won by companies that can bridge onchain settlement with trusted local banking systems. Brazil is one of the largest and most operationally complex payment environments in the world, and Trace has built the regulated infrastructure that global blue-chip businesses are using to scale, while saving time and costs compared to legacy alternatives.”
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