Canadian company Conduit, which develops APIs to provide financial institutions with quick and easy access to DeFi, has raised $ 17 million in a round of funding.
Portage Ventures led the round with support from Diagram Ventures, FinVC, Gemini Frontier Fund, Gradient Ventures, Core Innovation Capital, Inovia Capital, Gaingels, Discovery Ventures and Jump Crypto.
Also co-funded by Mark Britto and Gary Marino of PayPal, Asiff Hirji of Coinbase, Simon Taylor of 11: FS and Nik Milanović of Google Pay … In addition, a personal investment was made by Rex Salisbury of a16z.
Conduit is building an API, a software tool that aims to provide fintech companies, neobanks, and traditional financial institutions with quick and easy access to DeFi. According to Conduit, the tool will allow companies to quickly and easily adapt their existing products to the decentralized finance ecosystem.
“API Conduit will allow fintech companies to expand their capabilities in the cryptocurrency industry without rebuilding their existing platforms from scratch,” said Portage Ventures partner Stephanie Choo.
Conduit plans to raise additional funding and begin expansion into the US and Latin America. As a reminder, last April, API3 data provider and Open Banking platform entered into a 10-year partnership to connect banks to the blockchain via API and leverage banking data in DeFi and Web 3.0.