OpenFX Raises $94M to Accelerate Cross-Border FX Payments with Stablecoins
OpenFX, a fintech startup focused on foreign exchange and remittance, has raised $94 million in a Series A funding round to expand its stablecoin-based payments network.
The round includes Accel, Atomco, Lightspeed Faction, M13, Northzone and Pantera. The company said it plans to increase liquidity, enter new markets and expand operations in Southeast Asia and Latin America.
“The global FX market processes more than 200 trillion dollars a year, but the basic settlement infrastructure is still unchanged from what it was decades ago,” said founder Prabhakar Reddy, who launched OpenFX in 2024 to address the gap in the FX market.
OpenFX is part of a new market infrastructure of companies using blockchain-based currencies to move money faster, especially for businesses transferring large sums across borders.
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OpenFX is targeting expansion in Southeast Asia and Latin America.
OpenFX said it plans to expand the new capital to Southeast Asia and Latin America. The company currently operates in the United States, the United Kingdom, the United Arab Emirates and India.
According to its website, OpenFX distributes payments through a single liquidity network and 90% of transactions settle in less than 60 minutes, with 30% less than 10 minutes. The company advertises 24/7 availability and rates from 0.01% to 0.3%.
In the year In 2025, OpenFX said it has raised $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.
Cointelegraph reached out to OpenFX for comment, but did not receive a response by press time.
Related: Euro stablecoins dominate the non-dollar market, Visa-backed report found
Stablecoins are the “ChatGPT moment” for enterprise crypto adoption.
The deal reflects a broader industry debate that stablecoins are moving from crypto-native trading tools to mainstream enterprise payment infrastructure.
Ripple CEO Brad Garlinghouse said the stablecoin could mark a turning point in crypto adoption among businesses, calling it the sector's “chatGcrypt moment.” He said corporate leaders, including CFOs and treasurers at large companies, are actively exploring how to integrate stablecoins into operations, particularly for payments.
It supports the growing demand for industrial information. Stablecoins processed more than $33 trillion in volume last year, and Bloomberg Intelligence estimates that flows could reach $56.6 trillion by 2030 at an 80% annual rate.
Still, betting on stablecoin-based FX remains early and faces more hurdles than momentum. Stablecoin rules vary across major markets, with policymakers in places like the UK debating restrictions such as licensing, compliance and banking, showing how settlement technology can slow adoption even as it improves.
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