Forex startup OpenFX raises $94 million to expand stablecoin-powered cross-border payments

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Forex startup OpenFX raises $94 million to expand stablecoin-powered cross-border payments The company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money. By Francisco Rodrigues , AI Boost | Edited by Sheldon Reback Mar 31, 2026, 11:40 a.m. Make preferred on OpenFX raised $94 million for stablecoin payments. (Dmytro Glazunov/Unsplash) What to know : OpenFX raised $94 million to expand the use of stablecoins in global payments and cross-border money transfers. The company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money. OpenFX, founded in 2024, now handles over $45 billion in annualized payment volume and plans to expand into Southeast Asia and Latin America, where stablecoin use is growing. In this article WLFI WLFI $ 0.09752 ◢ 2.10 % OpenFX, a fintech startup aiming to modernize foreign-exchange markets, raised $94 million in fresh funding as it looks to expand the use of stablecoins in global payments. The round was led by Accel, Lightspeed Faction, M13, Northzone and Pantera, and values the company at around $500 million, Reuters reported , citing sources familiar with the process. Founded in 2024 by Prabhakar Reddy, OpenFX helps move large amounts of money across borders using stablecoins. The company acts as a bridge between traditional banking rails and digital assets, enabling faster and cheaper FX conversions. Reddy was inspired to start OpenFX after witnessing long queues at Western Union outlets in Dubai, the report notes. While small transfers have improved, he noticed major inefficiencies when businesses tried to move sums in the range of $1 million to $10 million. OpenFX says it now handles more than $45 billion in annualized payment volume, up from $4 billion a year ago. Clients include neobanks, payroll platforms and remittance providers. With the new funding, the company plans to expand into Southeast Asia and Latin America, two regions where stablecoin use is growing quickly. OpenFX currently operates in the U.S., U.K., UAE and India. Stablecoins Funding Rounds AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You The Definitive Stablecoin Landscape Series: North America By CoinDesk Research Mar 26, 2026 Commissioned by Ripple As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption. Why it matters : Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all. View Full Report More For You Crypto investment firm Keyrock valued at $1.1 billion in Series C led by SC Ventures By Will Canny | Edited by Nikhilesh De 3 hours ago The Brussels-based digital asset firm said the new capital will bolster its balance sheet and support expansion and acquisitions. What to know : Keyrock's Series C round was led by SC Ventures with participation from Ripple. The digital asset investment firm is now valued at $1.1 billion. The funds will be used for balance sheet strengthening, product development and M&A. Read full story Latest Crypto News Quantum risk resurfaces at the worst time for bitcoin, but 1 token is loving it 25 minutes ago Quantum computers could break crypto wallet encryption with just 10,000 qubits, researchers say 37 minutes ago Bearish sentiment builds in crypto as volatility and hedging rise 1 hour ago David Bailey’s Nakamoto sells roughly 5% of its bitcoin holdings, offloading 284 BTC 1 hour ago Hashdex’s diversified crypto ETF adds options for hedging, income generation 2 hours ago Crypto investment firm Keyrock valued at $1.1 billion in Series C led by SC Ventures 3 hours ago Top Stories Breaking Bitcoin with quantum may be easier than thought, with Taproot partly to blame, Google says 6 hours ago Bitcoin demand falters as 'real' interest rates surge 4 hours ago Bitcoin holds $67,500 as Trump signals he may end Iran war with Hormuz still shut 5 hours ago Maryland man charged in $50 million Uranium Finance hack after U.S. seized $31 million in crypto 6 hours ago Democrats urge warnings to federal officials against insider bets on prediction markets 14 hours ago In this article WLFI WLFI $ 0.09752 ◢ 2.10 %