Trace Finance, a stablecoin payments infrastructure firm, has raised $32 million in a Series A funding round as it looks to expand across Latin America and the Asia-Pacific region.
CoinFund led the round, with Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, HOF Capital and others participating, Trace Finance said Wednesday. Angel investors, including Circle co-founder Sean Neville, Solana Labs co-founder Anatoly Yakovenko, Mesh co-founder and CEO Bam Azizi, and Itaú Unibanco (Latin America's largest bank) partner and vice chairman Ricardo Villela Marino, also joined the round.
Brazil-based Trace Finance began raising for the equity round at the end of last summer and closed it in December, co-founder and CEO Bernardo Brites told The Block. He added that Trace's valuation has grown about 10x since its 2022 seed round valuation, when it raised $4.3 million, though he declined to disclose a figure.
As part of the deal, CoinFund Partner Einar Braathen took a board seat at Trace Finance, Brites said.
The funding comes as investment activity around stablecoin infrastructure continues to grow, especially after the passage of the U.S. stablecoin legislation GENIUS Act in July last year and amid rising institutional adoption.
