OpenFX Raises $94M to Speed Cross-Border FX Payments with Stablecoins
OpenFX secured $94M in Series A funding to expand its stablecoin-based cross-border payment network, targeting faster and more efficient FX transactions.Summary
OpenFX, a fintech startup, has raised $94 million in a Series A funding round led by Accel, Atomico, and others, to scale its stablecoin-based payments network for foreign exchange and remittances. Founded in 2024, OpenFX aims to modernize the $200 trillion FX market by leveraging blockchain technology for faster settlements. The company currently operates in the US, UK, UAE, and India, and plans to expand into Southeast Asia and Latin America. OpenFX boasts that 90% of transactions settle within 60 minutes, with 30% settling in under 10 minutes, offering pricing from 0.01% to 0.3%. This funding reflects a growing industry trend of stablecoins moving into mainstream corporate payments, with industry experts like Ripple’s Brad Garlinghouse calling them a potential turning point for crypto adoption. However, regulatory hurdles and diverging rules across markets remain challenges for wider adoption.
(Source：Cointelegraph)