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OpenFX raised $94 million in a Series A round to expand its stablecoin-based FX network, as firms explore faster cross-border payment infrastructure.OpenFX, a fintech startup focused on foreign exchange and remittances, raised $94 million in a Series A funding round to expand its stablecoin-based payments network.
it plans to use the funds to increase liquidity, enter new markets and expand operations in Southeast Asia and Latin America. “The global FX market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago,” founder Prabhakar Reddy said, adding that he launched OpenFX in 2024 to address what he described as a gap in the FX market. OpenFX is part of a new group of market infrastructure companies using blockchain-based currencies to move money faster, particularly for businesses transferring large sums across borders.OpenFX said it plans to use the new capital to expand into Southeast Asia and Latin America. The company currently operates in the United States, United Kingdom, the United Arab Emirates and India.to its website, OpenFX routes payments through a single liquidity network and says 90% of transactions settle in under 60 minutes, with 30% settling in under 10 minutes. The company also advertises 24/7 availability and pricing ranging from 0.01% to 0.3%.$23 million in a funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and other strategic fintech investors.The deal reflects a wider industry argument that stablecoins are moving from crypto-native trading tools into mainstream corporate payments infrastructure.for crypto adoption among businesses, calling them the sector’s “ChatGPT moment.” He said corporate leaders, including CFOs and treasurers at major firms, are actively exploring how to integrate stablecoins into operations, particularly for payments. Industry data supports the growing interest. Stablecoins processed over $33 trillion in volume last year, while Bloomberg Intelligence estimates flows couldCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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FX startup OpenFX raises $94 million to expand stablecoin-powered cross-border paymentsThe company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money.
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