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OpenFX Completes $94M Raise For Stablecoin Forex
OpenFX is working on scaling instant and smart-contract stablecoin forex transactions across the world with a new $94M raise.
OpenFX raises more capital as stablecoin forex is one of the most interesting spaces to build in the stablecoin space (Linus Nilsson / Unsplash)
OpenFX raises $94M for stablecoin forex.
OpenFX has secured a Series A round to expand its stabelcoin forex platform. VCs involved are Pantera, M13, Lightspeed Faction, Accel, among others. OpenFx will be focusing on attracting larger businesses and institutions across Asia and LATAM regions.
Founder and CEO Prabhakar Reddy expressed:
"For fifty years, money moved at the speed of bureaucracy. We are making it move at the speed of the internet. That shift - that one shift - changes everything downstream. That's what we're here to do."
From settling a $500K volume per month to per week, the company now handles around $45B annually with most all of the transactions moving from sender to receiver within an hour. Their core customers have been remittance companies, fintechs, and PSPs (Payment Service Providers).
Additionally, the team sees AI Agents as becoming another key user in the next few years, with Agents handling the majority of transactions on behalf of corporations and settling via stablecoins as the fastest, cost-effective payment rail to date.
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