There is a cross -border payment company condit located in Boston raised A funding round led by $ 36 million dragonfly and Altos Ventures in a series. Capital will go to scale its payment system and expand the currency offerings in Fiat and StableCoins.
Kondit marketed its payment system as an alternative to messaging network Swift, or Society for Worldwide Interbank Financial Telecom. Banks have rely on the Swift Protocol to process wire transfer from the 1970s.
Conduit claims that its platform provides a modern option, which enables the real -time limit to the genuine limits by combining stabelcoins with local fiat currencies via crypto infrastructure.
“The traditional cross-border payment system does not meet the demands of modern businesses,” said in a statement by CEO of Condit, CEO.
Additional participants in the funding round include Sound Ventures, Commerce Ventures, DCG, Circle Ventures and two previous investors, Helios Digital Ventures and Portage Ventures. Kondit claims that its customers have saved more than 60,000 hours and more than $ 55 million in disposal since the launch in 2021.
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Money increases for stablecoin companies
Stablecoins are looking at enlarged adoption. According For Difilama data, the market capitalization of StableCoins on May 28 reached $ 247 billion, growing from $ 161 billion a year ago. In the last 12 months, the market cap has jumped 54%.
Investors continue to bet on StableCoin-focused startups. In April, StableCoin firm Cap raised $ 11 million in seed funding, while plasma $ 24 million safe in FebruaryStartup cadre Money also closed $ 9.9 million rounds in January to support her StableCoin payment platform.
Circle, USDC issuer and one of Kondit’s backers, Preparation of public startAccording to its IPO filing, targeting $ 624 million through an initial public offering, targeting a $ 6.71 billion evaluation.
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