Trace Finance, a financial infrastructure company connecting banks in Brazil and the U.S. to stablecoin settlement networks, has raised $32 million in a Series A round led by CoinFund. The round also saw participation from Coinbase Ventures, Haun Ventures, Jump Capital, and strategic investors including Chainlink Labs, Circle co-founder Sean Neville, and Solana Labs co-founder Anatoly Yakovenko. The funding comes as Brazilian regulators reclassify cross-border crypto transfers as foreign-exchange operations, pushing institutional money toward regulated intermediaries like Trace. The company has processed over $10 billion in cross-border volume and serves as a primary settlement partner for major payment firms like dLocal. CEO Bernardo Brites emphasized that stablecoins alone are insufficient without regulated local bank infrastructure. The funds will be used to expand beyond the U.S.-Brazil corridor into other Latin American markets, the U.S., and Asia-Pacific. Trace's previous seed round in 2022 was led by HOF Capital.

Key facts

• Trace Finance raised $32M Series A led by CoinFund
• Brazil reclassifies cross-border crypto as FX, boosting regulated providers
• Company processed over $10B in cross-border transactions
• Expanding from U.S.-Brazil corridor to Latin America, U.S., and Asia-Pacific

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