Gate News message: On March 31, on Tuesday, OpenFX, a forex market-making and remittance startup, completed a new funding round of $94 million. The post-money valuation is approximately $500 million. The round was jointly led by venture capital firms including Accel, Lightspeed Faction, M13, Northzone, and Pantera. The company plans to use stablecoins to accelerate its cross-border payments business. OpenFX connects traditional banking systems with digital infrastructure, using stablecoins as a bridge to enable near real-time FX exchange and settlement. More than 98% of the platform’s transactions can be settled within 60 minutes, while traditional FX markets typically take 2 to 5 business days. The company was founded in 2024 by Prabhakar Reddy, a former founder of FalconX. It is currently operating in the United States, the United Kingdom, the UAE, and India, serving fintech companies, digital banks, remittance service providers, and payroll settlement platforms. Its annualized payments processing volume has grown from $4 billion a year ago to over $45 billion. The proceeds from this funding will be used to expand into Southeast Asia and Latin America.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
