Conduit Secures $36 Million to Enhance Global Stablecoin Payment Services
Conduit, a cross-border payments firm utilizing stablecoins, has secured $36 million in Series A funding to enhance its global payment infrastructure. Key points include:
- The funding round was led by Dragonfly and Altos Ventures, with participation from Circle Ventures and Digital Currency Group.
- Founded in 2021, Conduit offers real-time payments combining crypto and traditional finance systems.
- The platform supports both stablecoins and local fiat currencies, aiding businesses in regions with unstable currencies.
- Clients reportedly saved over 60,000 hours in settlement time and avoided more than $55 million in fees.
- Funding will facilitate expansion into Asia, Mexico, and other regions.
- Rob Hadick of Dragonfly Capital will join the board as part of the investment agreement.
Stablecoins are increasingly used for payments and remittances, especially in developing countries, serving as a cost-effective alternative to traditional banking.