OpenFX, a startup offering stablecoin-based foreign exchange market-making and remittances, has raised $94 million in funding.
A recent Reuters report said the funding round was led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera. OpenFX was valued at about $500 million in the round.
Founded in 2024, OpenFX supports real-time foreign exchange by linking traditional banking systems and digital infrastructure using stablecoins.
More than 98 percent of transactions on the OpenFX platform settle within 60 minutes. That is much faster than the 2 to 5 business days in traditional FX markets.
OpenFX currently operates in the United States, Britain, the United Arab Emirates and India. Its annualised payment processing volume rose to $45 billion from $4 billion a year earlier. The company said demand from fintech companies, neobanks, remittance service providers and payroll platforms drove growth.
OpenFX plans to use the funds to enter markets in Southeast Asia and Latin America, where stablecoin adoption is rising rapidly.
Chi-gyu Hwang
delight@d-today.co.kr