- OpenFX emerges from stealth mode with $23 million in funding led by Accel.
- The company enables instant, 24/7 cross-border payments using stablecoins as backend infrastructure.
- OpenFX claims $10 billion in annualized cross-border payment volume, though it has not reached that figure yet.
- The platform operates in 26 countries and supports 7 currency pairs, with plans to expand to more regions and pairs by 2025.
- The business model focuses on foreign exchange, aiming to reduce the largest costs in cross-border transactions.
OpenFX has raised $23 million in a new funding round led by Accel. The company’s main goal is to provide instant and continuous cross-border payments infrastructure. While OpenFX uses stablecoins to power its transactions, it does not highlight this fact in its marketing or website.
The startup states it has already reached $10 billion in annualized cross-border payment volume, though this figure refers to projected activity and not to actual current volume. The platform currently facilitates money movement in 26 countries and supports seven foreign exchange (FX) pairs. According to the company, it plans to reach 40 countries and expand to 15 major FX pairs by the end of 2025.
Only limited references to stablecoins appear on the OpenFX website. Crypto-focused investors Castle Island Ventures and Hash3 are among the company’s backers. The founder and CEO, Prabhakar Reddy, was previously the co-founder of FalconX, a crypto brokerage.
The company’s funding follows similar moves in the industry. Stripe acquired Bridge last year for $1.1 billion, and VISA invested in BVNK at a $625 million valuation, based on public reporting. Industry observers expect significant funding to continue in stablecoin infrastructure firms.
OpenFX centers its business around foreign exchange. According to the company, FX-related costs are the largest component of fees in most cross-border payment channels. The platform’s services include connecting digital dollars (stablecoins) to actual dollars, converting currencies at both ends of the transaction, and linking with banks or local exchanges to complete each transfer. Off-ramps, which are used to convert digital assets into local currency, typically require integration with traditional financial networks and exchanges.
The minimal focus on stablecoins in OpenFX’s public messaging reflects a trend in the blockchain industry. As the technology matures, companies increasingly use blockchain as invisible backend infrastructure, emphasizing factors like speed and security rather than the underlying tech platform.
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