Conduit Secures $36M to Revolutionize Cross-Border Payments with Stablecoins
Conduit Secures $36M to Revolutionize Cross-Border Payments with Stablecoins
Conduit, a Boston-based cross-border payments firm, has successfully raised $36 million in a Series A funding round. This significant investment will fuel the expansion of its global payment infrastructure, which leverages stablecoins and local fiat currencies to offer a faster, more efficient alternative to traditional banking systems like SWIFT.
Key Takeaways
- Conduit secured $36 million in Series A funding.
- The company aims to expand its stablecoin and fiat cross-border payment network.
- Dragonfly and Altos Ventures led the funding round.
- Conduit's platform offers a modern alternative to traditional systems like SWIFT.
- The funding will support growth in Asia, Mexico, and other regions.
Revolutionizing Global Transactions
Founded in 2021, Conduit has positioned itself as a disruptor in the cross-border payments landscape. The company's innovative platform seamlessly integrates crypto infrastructure with traditional financial systems, enabling real-time payments. By supporting both stablecoins and local fiat currencies, Conduit addresses critical challenges faced by businesses in markets with limited dollar access or unstable currencies, facilitating more efficient money movement.
Conduit's CEO, Kirill Gertman, emphasized that "Traditional cross-border payment systems do not meet the demands of modern businesses." The company claims its clients have already saved over 60,000 hours in settlement time and avoided more than $55 million in fees, highlighting the tangible benefits of its approach.
Strategic Investment and Expansion
The Series A funding round was co-led by prominent venture capital firms Dragonfly and Altos Ventures. Additional participants included Circle Ventures, Digital Currency Group (DCG), Sound Ventures, Commerce Ventures, Helios Digital Ventures, and Portage Ventures. As part of the deal, Rob Hadick of Dragonfly Capital will join Conduit's board.
This capital injection is earmarked for scaling Conduit's payment system and broadening its currency offerings. The company specifically plans to expand its footprint in key regions such as Asia and Mexico, further solidifying its global presence and reach.
The Rise of Stablecoins in Payments
The investment in Conduit underscores the growing prominence of stablecoins in the global financial ecosystem. Stablecoins, with their prices pegged to external assets like the U.S. dollar, are increasingly recognized as a vital piece of infrastructure for digital asset trading and a popular vehicle for payments, savings, and remittances, particularly in developing countries. They offer a cheaper and speedier alternative to conventional banking rails.
The stablecoin market has witnessed significant growth, with its market capitalization reaching $247 billion by May 2025, a substantial increase from $161 billion a year prior. This trend has attracted considerable venture capital interest, with other stablecoin-focused startups like Cap and Plasma also securing significant funding rounds recently.