Woofun AI reports that stablecoin payment infrastructure provider Trace Finance has successfully closed a $32 million Series A financing round. CoinFund spearheaded the investment, joined by notable participants including Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, and HOF Capital. CEO Bernardo Brites noted that the company's valuation has appreciated approximately tenfold since its 2022 seed round, though specific figures remain undisclosed.

Headquartered in Brazil, Trace Finance integrates local banking channels, foreign exchange services, compliance frameworks, and stablecoin settlement capabilities to facilitate cross-border payments. Currently licensed in the United States and Brazil, the firm leverages partner banks to operate in Mexico, Colombia, Europe, and Asia. Looking ahead, the company intends to deepen its presence in Mexico, Colombia, and Argentina before entering markets in Singapore, Hong Kong, Japan, South Korea, and Southeast Asia.

Additionally, Trace Finance plans to pursue further regulatory licenses in Singapore, the US, and the broader Asia-Pacific region.