Canadian fintech startup Cybrid has closed a $10 million USD Series A to accelerate adoption of stablecoin-based payments among financial institutions and enterprises — marking a major step toward mainstreaming blockchain-powered transactions in Canada.
The all-equity round was led by BDC Capital’s Growth Venture Fund, with participation from Golden Ventures, Luge Capital, and Panache Ventures. The funding follows Cybrid’s $3.8 million CAD seed round in 2022 and comes as the Bank of Canada signals growing openness to stablecoin regulation and integration.
“We want stablecoins to flourish in Canada,” said Avinash Chidambaram, Co-founder and CEO of Cybrid. “Canadian businesses are global, and they need modern payment rails that match the speed and scale of international trade.”
Modern Payments Infrastructure for a New Financial Era
Founded in 2021 by Avinash Chidambaram and Brent Carrara, Cybrid builds payment infrastructure that lets enterprises support stablecoin and cross-border blockchain transactions directly within their existing systems.
Now registered as a Payment Service Provider with the Bank of Canada, Cybrid enables instant, low-cost transfers and settlement through blockchain rails — a critical advantage as traditional payment networks struggle with fees and delays.
“Our platform makes it simple for any business or bank to integrate stablecoin payments, whether for remittances, settlements, or international commerce,” said Chidambaram. “We handle the complexity of blockchain compliance, security, and liquidity so they can focus on growth.”
The company has seen 5x growth over the past year, driven by demand from large financial institutions in Canada and the US — though Chidambaram declined to name specific clients.
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Timing With Policy Momentum
Cybrid’s raise arrives as the Bank of Canada and federal policymakers increasingly discuss the role of stablecoins in the country’s payment ecosystem.
In September 2025, Bank of Canada executive Ron Morrow suggested the central bank should “weigh the merits” of introducing federal stablecoin regulations, following the example of the US GENIUS Act, which Chidambaram said helped “unlock” growth south of the border.
“It’s important that Canada doesn’t get left behind,” he noted. “Regulatory clarity is what transforms innovation into infrastructure.”
While Canada has yet to introduce a comprehensive framework, industry players — including Stablecorp and Tetra Trust Group — are already working on CAD-backed stablecoins, with backing from major banks like National Bank of Canada.
A Global Shift Toward Digital Value
Stablecoins — digital assets pegged to fiat currencies — are already surpassing traditional networks in scale. According to Andreessen Horowitz, stablecoin transaction volume reached $46 trillion USD in 2024, triple that of Visa.
Still, global banks remain cautious. Standard Chartered recently estimated that up to $1 trillion USD could move from banks to stablecoin wallets in emerging markets, posing liquidity challenges for traditional finance.
Despite this, Chidambaram says Canadian institutions are increasingly interested in exploring integration, not competition.
“Banks are beginning to see stablecoins as a complement, not a threat,” he said. “The next phase of financial innovation will be about interoperability — between fiat, digital assets, and everything in between.”
Building for Global Expansion
With 25 employees, Cybrid plans to expand its support and operations teams, while extending its infrastructure into Europe to meet demand for cross-border remittance and trade payments.
“Our mission is to make blockchain payments invisible — as easy and compliant as any bank transfer,” Chidambaram said.
About Cybrid
Cybrid is a Toronto-based fintech platform providing stablecoin and blockchain payment infrastructure for enterprises and financial institutions. Founded in 2021 by Avinash Chidambaram and Brent Carrara, Cybrid enables instant, low-cost, cross-border transactions through compliant, secure blockchain rails. The company is a Bank of Canada–registered Payment Service Provider and is backed by top Canadian VCs including BDC Capital, Golden Ventures, Luge Capital, and Panache Ventures.
