Conduit Raises $36M to Expand Cross-Border Stablecoin System
Conduit, a Boston-based cross-border payments company, raised $36 million in Series A funding led by Dragonfly and Altos Ventures to enhance its payment system and expand currency offerings. The platform aims to serve as an alternative to SWIFT, enabling near real-time cross-border settlements by integrating stablecoins with local fiat currencies. Conduit claims clients have saved over 60,000 hours in settlement times and more than $55 million in fees since its launch in 2021. The stablecoin market has seen significant growth, with a market capitalization increase from $161 billion to $247 billion in a year. Other stablecoin startups have also secured funding, including Cap, Plasma, and Cedar Money. Circle, a backer of Conduit and issuer of USDC, is preparing for an IPO to raise $624 million, targeting a valuation of $6.71 billion.
