PANews, June 17 – According to The Block, stablecoin payment infrastructure company Trace Finance announced the completion of a $32 million Series A funding round, aimed at expanding operations in Latin America and the Asia-Pacific region. The round was led by CoinFund, with participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, HOF Capital, and other investment institutions. Additionally, angel investors including Circle co-founder Sean Neville, Solana Labs co-founder Anatoly Yakovenko, Mesh co-founder and CEO Bam Azizi, and Ricardo Villela Marino, partner and vice chairman of Latin America’s largest bank Itaú Unibanco, also took part in this round.

Founded in 2021, Trace said it has processed over $10 billion in institutional cross-border transaction volume to date and serves as a key infrastructure provider for four major global payment service providers in Latin America, including dLocal. CEO Bernardo Brites stated that Trace is developing new settlement products, and its headcount has grown from 25 at the beginning of the year to 48 currently.