Conduit Secures $36 Million for Global Payment Expansion

Conduit, a cross-border payments firm specializing in stablecoin-based transactions, has successfully secured $36 million in its Series A funding round. This investment was spearheaded by Dragonfly and Altos Ventures, with additional support from Circle Ventures and Digital Currency Group, among others. The funding will be instrumental in expanding Conduit's global payment infrastructure, enabling it to compete with traditional systems like SWIFT.

Established in 2021, Conduit is headquartered in Boston and offers real-time payment solutions that integrate crypto infrastructure with conventional financial systems. The platform supports both stablecoins and local fiat currencies, providing businesses in regions with limited dollar access or unstable currencies a more efficient way to transfer funds. This capability is particularly beneficial for markets where traditional banking systems are less reliable or more costly.

The firm has reported significant savings for its clients, claiming that they have saved over 60,000 hours in settlement time and avoided more than $55 million in fees. These savings highlight the efficiency and cost-effectiveness of Conduit's stablecoin-based payment solutions compared to traditional methods.

Stablecoins, which are digital assets pegged to the value of an external asset, typically the U.S. dollar, are becoming increasingly popular in the crypto sector. They serve as a crucial component of digital asset trading infrastructure and are gaining traction as a means for payments, savings, and remittances, especially in developing regions. The stable nature of these coins makes them an attractive alternative to traditional banking rails, which can be slower and more expensive.

With the new funding, Conduit plans to expand its operations in Asia, Mexico, and other parts of the world. This geographic expansion will allow the firm to reach more businesses and individuals who can benefit from its stablecoin-based payment solutions. Rob Hadick of Dragonfly Capital will join Conduit's board as part of the investment deal, bringing valuable expertise and strategic guidance to the company.

"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 stated. This endorsement underscores the potential of stablecoins to revolutionize the way money is transferred across borders, offering a more efficient and cost-effective solution for businesses and individuals alike.