Lumx vs Trace Finance

Which should you choose, Lumx or Trace Finance?

Choose Lumx if you operate in more than one country. A Brazilian importer paying a Mexican supplier needs SPEI behind a named CLABE. A payroll platform paying Colombians needs PSE and Bre-B behind a COP account. A SaaS company collecting from European customers needs an IBAN in its own name. A treasury wiring USD to a counterparty without a local rail needs SWIFT, with a UETR to track it. Lumx has each of these in one API, with locked FX quotes and purpose codes and relationship types already modeled for Brazilian and Mexican reporting.

Choose Trace Finance if Brazil is the whole job. For an international PSP or fintech opening BRL accounts for non-resident clients, Trace's API is complete: PIX in and out by key, bank details or QR, TED, Boleto, named and virtual accounts, screening on every beneficiary, and a swap into USDT, USDC or EURC on six networks. On the Brazil-only checklist, Trace covers two rails Lumx does not run today, TED and Boleto, and the rest is a tie.

If you already run Trace for Brazil and are opening Mexico, Colombia or Europe, the practical answer is to keep Trace for BRL and add Lumx for the other five currencies.

What is Trace Finance?

Trace Finance is a payments and stablecoin infrastructure company that raised a $32M Series A led by CoinFund on 17 June 2026, with Coinbase Ventures, Haun Ventures, Valor Capital, Jump Crypto, Paxos and HOF Capital participating. Its release describes it as U.S.-based, with a regulated financial institution in the United States as the international settlement leg, and reports more than $10 billion in cross-border volume processed. Its API opens BRL virtual accounts issued by Trace and BRL named accounts in the account owner's name, for residents and non-residents, funded over PIX dynamic QR, TED and Boleto or by crypto deposit. Payouts go over PIX by key, bank details or static QR, over TED and Boleto, or to approved crypto wallets. Assets are BRL, USDT on Ethereum, Tron, Solana, Polygon, Base and BSC, USDC on Ethereum, Base, Polygon, Tron and Solana, and EURC on Ethereum. Every operation runs on a quote that locks the FX rate for a short window. The sandbox at api.sandbox.tracefinance.com is self-serve from the dashboard, with magic values to force outcomes, and production access follows a go-live handoff. Trace operates in Brazil as a banking correspondent in partnership with financial institutions authorized by the Central Bank of Brazil, and its CEO is co-founder Bernardo Brites. It joined the Borderless.xyz network for FX liquidity in April 2025.

What is Lumx?

Lumx is stablecoin payments infrastructure for businesses that move money between Latin America and the rest of the world: one API to collect, hold, convert, and pay out in BRL, MXN, COP, USD, EUR, and GBP or in USDC and USDT, over local rails such as PIX, SPEI, PSE, ACH, FEDWIRE, SEPA, and Faster Payments, with SWIFT and on-behalf-of payments and collections (POBO and COBO) in USD, EUR, and GBP, plus named virtual accounts, custodial wallets, and KYB/KYC built in.

Lumx was founded in 2022 in Rio de Janeiro and is backed by BTG Pactual, the largest investment bank in Latin America. Custodial wallets run in production, segregated per customer, on Ethereum, Polygon, Base and Tron, with Stellar for USDC on-ramps in BRL. In Brazil, Lumx SPSAV Ltda operates under Article 88 of Central Bank Resolution 520/2025; in the US, Lumx US OP LLC is a FinCEN-registered MSB (#31000316459619). Lumx processes more than $2B in annualized payment volume (as of September 2026). Customers include Nomad, Logcomex and Conta Simples.

How do Lumx and Trace Finance compare?

Model. Both sell one API that turns local fiat into stablecoins and back, with KYC/KYB inside, and both put a named account at the center. Trace's account is Brazilian: a BRL account, virtual or in the owner's name, that receives PIX, TED and Boleto and holds BRL alongside USDT, USDC and EURC. Lumx's account is per currency: BRL with agência and conta, MXN with a CLABE, COP behind PSE and Bre-B, USD with routing and account, EUR with an IBAN, GBP with sort code and account. Inside Brazil the rail lists differ by two entries: Trace runs TED and Boleto in and out, Lumx runs PIX. Outside Brazil, Trace's product page lists USD and EUR accounts, SPEI, ACH and SEPA, but none of them appears in its API reference as of September 2026; Lumx runs SPEI, PSE, Bre-B, ACH, FEDWIRE, SEPA, Faster Payments and SWIFT in USD, with POBO and COBO in USD, EUR and GBP.

Custody. Both hold balances. Trace's account holds BRL and the three stablecoins and swaps between them; withdrawals go to beneficiaries approved through screening, including crypto wallets on six networks. Lumx holds customer balances in custodial wallets segregated per customer, in production, on Ethereum, Polygon, Base and Tron, with real-time USDC and USDT balances and payouts from those balances over any rail. Trace settles on more networks (Solana and BSC, plus EURC on Ethereum); Lumx settles on four plus Stellar for BRL on-ramps.

Pricing and compliance. Neither publishes plans. Trace's quotes carry three fee layers, platform, rail and a customer markup you set, with the effective rate in the response. Lumx charges a monthly platform fee plus usage-based per-transaction and virtual account fees, with transparent FX on locked quotes and no pre-funding; plans are not published, so contact sales. On compliance both operate in Brazil through different paths: Trace as a banking correspondent of Central Bank-authorized institutions, Lumx under Article 88 of Central Bank Resolution 520/2025 while its VASP authorization is processed. Trace screens every beneficiary against sanctions and PEP lists, resolves PIX keys in DICT, checks crypto addresses against blocklists and captures Travel Rule data. Lumx runs KYT with Chainalysis on-chain monitoring, supports Sumsub token sharing for instant approvals, and requires purpose codes and holder relationships on payments. In the US, Lumx holds a FinCEN MSB registration; Trace says it built a regulated U.S. institution but does not name it on its site.

When is Lumx the better fit?

• You pay in Mexico. SPEI behind a named CLABE per customer. See USDC to MXN and MXN to USDC.

• You pay in Colombia. PSE and Bre-B behind a named COP account, with amounts above the Banco de la República's Bre-B cap routed over PSE.

• You collect or pay in USD on US rails. ACH and FEDWIRE behind a named US account, and SWIFT in USD with UETR and MT103 confirmations for everywhere else. See USDC to USD.

• You collect in Europe or the UK. SEPA into a named IBAN, Faster Payments into a named GBP account, with POBO and COBO in EUR and GBP. See USDC to EUR.

• You quote an end user before executing. Locked FX quotes with the spread disclosed, 30 seconds free or up to 5 minutes for a fee, on every corridor.

• You want one integration for Brazil and the rest of LATAM. PIX into a named BRL account plus the five currencies above. See USDC to BRL and BRL to USDC.

Where does Trace Finance fit?

• TED and Boleto. Trace runs both as pay-in and payout rails against BRL accounts. Lumx's Brazil is PIX today.

• BRL named accounts for non-residents. Accounts in the owner's name for foreign companies without a Brazilian entity, with a documented compliance path for non-resident KYC and KYB.

• Solana, BSC and EURC. USDT on six networks, USDC on five, EURC on Ethereum. Lumx settles USDC and USDT on Ethereum, Polygon, Base and Tron, plus Stellar for BRL on-ramps.

• Beneficiary screening as a product. Sanctions and PEP lists, DICT resolution of PIX keys, crypto blocklists and Travel Rule capture on every payment instruction, exposed through the API.

• Developer surface. Self-serve sandbox keys, magic values, HMAC-signed webhooks with execution logs and manual replay, X-Trace-Version header, cursor pagination, .md docs and llms.txt. Lumx's sandbox is also self-serve on sign-up with magic numbers and webhooks; Trace's webhook replay endpoints are the extra.

• Capital. $32M Series A from CoinFund, Coinbase Ventures, Haun, Valor, Jump, Paxos and HOF, announced June 2026.

Can you use Lumx and Trace Finance together?

Yes. Keep Trace for BRL accounts where you need TED and Boleto today, and run Lumx for MXN, COP, USD, EUR and GBP, for SWIFT in USD and for locked quotes across corridors. Both settle USDC on Ethereum, Polygon and Base and USDT on Tron, so a balance moves between them on-chain without an FX leg. Both sign webhooks and accept idempotency keys, so the reconciliation model is the same on each side.

How do you migrate from Trace Finance to Lumx?

1. Map Trace accounts and beneficiaries to Lumx customers and destinations. Both run KYC for individuals and KYB for businesses with UBO documents. Lumx adds a holder relationship (SUPPLIER, EMPLOYEE, SUBSIDIARY and others) on third-party destinations and a purpose code on each payment.

2. Open a sandbox at dashboard.lumx.io. New accounts start in a sandbox with mock banking partners; magic numbers on taxId force approved, rejected or pending verification, the same idea as Trace's magic values.

3. Add named accounts in the currencies you need. BRL with agência and conta for PIX, plus MXN, COP, USD, EUR and GBP. Flows that depend on TED or Boleto stay on Trace for now.

4. Move stablecoin balances on-chain. Withdraw USDC or USDT from the Trace account to the customer's Lumx custodial wallet on Ethereum, Polygon, Base or Tron.

5. Swap Trace quotes for Lumx locked quotes. Request a locked quote (30 s free, 1 or 5 minutes for a fee), show it, confirm inside the window; both APIs already work quote-first.

6. Subscribe to webhooks and run parallel. Send Idempotency-Key on every mutation, reconcile both ledgers for one cycle, then move production traffic. Read the docs or talk to us.