Stablecoin Cross-Border Payment Infrastructure Company OpenFX Raises $23 Million in Funding Led by Accel

According to Forbes, cross-border payment infrastructure company OpenFX has completed a $23 million financing round, led by Accel. The company is committed to solving the "last mile" problem of cross-border payments through stablecoins, aiming to replace the traditional SWIFT network. Its technology can reduce the forex trading spread from 69 basis points to below 10 basis points, with 90% of transactions settling within 60 minutes.

OpenFX founder Prabhakar Reddy previously founded the crypto brokerage FalconX (valued at $8 billion). The new company will serve remittance companies, digital banks, and other clients, currently supporting seven currencies including the US dollar and euro, with plans to expand to the Southeast Asian market within the year.