Conduit secures USD 36 million in Series A funding to expand stablecoin use

The funding round was co-led by Dragonfly and Altos Ventures, with contributions from Sound Ventures, Commerce Ventures, DCG, and Circle Ventures, the issuer of the USDC stablecoin. Existing investors Helios Digital Ventures and Portage Ventures also participated.

Funding to support global expansion and currency integration

Conduit operates a cross-border payment network that integrates stablecoins, USD, and local currencies, providing businesses with a cost-effective alternative to the traditional SWIFT system. The company is connected to numerous local banks across North America, Latin America, Europe, Africa, and Asia. It plans to use the capital to expand into new markets and support a variety of traditional and digital currencies within its payment systems.

This funding round follows an important growth period for Conduit, with transaction volumes on its platform increasing sixteenfold from 2023 to 2024, according to company data. The platform combines crypto-native infrastructure with traditional finance, enabling programmable global transactions that incorporate integrated anti-money laundering (AML), sanctions screening, and transaction monitoring.

The benefits of using Conduit include:

• Speed: Conduit has direct partnerships with banks worldwide, therefore, transactions are completed more quickly;

• Geographic coverage: the company supports a wide range of currencies and payment methods, including local currencies that experience high inflation in regions such as Latin America, Africa, and Asia;

• Strong liquidity: Conduit’s network of institutional-grade foreign exchange providers ensures that large transactions can be conducted without any liquidity constraints.

Conduit's platform facilitates global transfers across diverse payment systems, including USD networks (SWIFT, ACH, FedWire) and local systems in Europe, the UK, China, and Nigeria. It addresses challenges like limited USD access, low SWIFT connectivity, and high fees. While stablecoins increase treasury management, Conduit simplifies the transition between stablecoins and local currencies in real time for efficient invoice settlement.