Conduit Secures $36 Million to Broaden Stablecoin-Powered International Payments Beyond SWIFT.

Conduit, a company specializing in cross-border payments with stablecoin technology, successfully secured $36 million in a Series A funding round aimed at enhancing its international payment infrastructure, according to the latest announcement. The funding was spearheaded by Dragonfly and Altos Ventures, with participation from Circle Ventures and Digital Currency Group, among others.

Established in 2021 and based in Boston, the innovative firm provides immediate payment solutions that integrate crypto technology with conventional financial systems. Its platform accommodates both stablecoins and local fiat currencies, facilitating more effective monetary transactions for businesses in regions facing challenges related to dollar access or volatile currencies.

The company asserts that its customers have collectively saved over 60,000 hours in transaction settlement times and have successfully sidestepped fees exceeding $55 million.

Stablecoins represent a rapidly expanding area within the cryptocurrency ecosystem and have become increasingly appealing to venture capitalists. By maintaining their values against external assets—primarily the U.S. dollar—they are essential for digital asset trading. They are also gaining popularity as a cost-effective and quick method of payments, savings, and remittances, particularly in developing regions, serving as an alternative to traditional banking systems.

Conduit indicates that this recent funding will enable it to extend its operations in Asia, Mexico, and other global markets. Rob Hadick from Dragonfly Capital will join Conduit’s board as a result of this investment.

Rob Hadick noted that with billions of dollars in transactions already processed through Conduit’s platform, the company has demonstrated an effective method for global money transfers and highlighted that stablecoins will play a crucial role in the future of international payments.