Driver, a cross -border payment company based in Boston, raised $ 36 million in a series of series funding A Dragonfly and Altos Ventures. The capital will go to evolve its payment system and will expand the currency offers between Fiat and Stablecoins.
Driver markets his payment system as an alternative to the Swift messaging network, or Society for Worldwide Interbank Financial Telecommunications. Banks have relied on the SWIFT protocol to treat metallic transfers since the 1970s. Drive claims that its platform offers a modern alternative, allowing cross-border colonies in almost real time by combining stablescoins with local fiduciary currencies via cryptographic infrastructure.
“Traditional cross -border payment systems do not meet the requirements of modern companies,” said Kirill Gertman, CEO of conduit, in a press release.
The other participants in the financing tour include Sound Ventures, Ventures, DCG, Circle Ventures and two previous investors, Helios Digital Ventures and Portage Ventures. Drive says that its customers have saved more than 60,000 hours in time to settle and more than $ 55 million in fees since their launch in 2021.
In relation: The British FCA requests public comments on Stablecoin, Regulation on the Cryptography Guard
The financing of Stablecoin companies increases
Stablecoins note increased adoption. According to Defilma data, the market capitalization of Stablecoins reached $ 247 billion on May 28, a sharp increase of $ 161 billion per year before. In the past 12 months, market capitalization has jumped 54%.
Investors continue to bet on startups focused on stablescoin. In April, Stablecoin Cap firm raised $ 11 million in seed financing, while Plasma obtained $ 24 million in February. The Cedar Money startup also closed a round of $ 9.9 million in January to support its Stablecoin payment platform.
Circle, the emitter of the USDC and one of the supporters of conduit, is preparing for public beginnings. The company aims to collect $ 624 million thanks to a public call for public, targeting an assessment of $ 6.71 billion, according to its IPOs on the stock market.
Review: Legal panel: Crypto wanted to reverse the banks, now it becomes in the struggle for the gaps
