Drive, a cross -border payment company that uses stablecoins, has raised $ 36 million in a series A series A to extend its global payment rails. The Tour was led by Dragonfly and Altos Ventures, with the support of Circle Ventures and Digital Currency Group, among others.
Founded in 2021, the Boston -based startup offers real -time payments that mix cryptographic infrastructure with traditional financial systems. Its platform supports both stabbed and local fiduciary currencies, helping businesses on the markets with limited access to dollars or unstable currencies to move money more effectively.
The company claims that its customers have saved more than 60,000 hours in time to settle and have avoided more than $ 55 million in fees.
Stablecoins are one of the fastest growth sectors in the crypto and an increasingly attractive objective for venture capital investments. With their prices anchored to an external asset, mainly in the US dollar, they serve as key infrastructure for digital asset trading. They are also increasingly popular vehicles for payments, savings and funding, especially in developing countries, as a cheaper and faster alternative to traditional banking rails.
Drive says that funding will help him develop his imprint in Asia, Mexico and other parts of the world. Rob Hadick of Dragonfly Capital will join the Directorate of Directors in the context of the agreement.
“With billions of volumes of annual transactions which already circulate on the conduit platform, it has proven that there is a better way to move money worldwide and that stablecoins are the future of cross-border payments,” said Hadick in a press release.
Read more: Stablecoins could bring a moment of “Chatppt” to the adoption of blockchain, reach 3.7 t $ by 2030: Citi
