OpenFX completes $94 million financing

The foreign exchange market-making and cross-border remittance startup OpenFX has completed a $94 million financing round, led by Accel, Lightspeed Faction, M13, Northzone, and other institutions, with a post-money valuation of approximately $500 million.

OpenFX provides faster and lower-cost settlement services for large cross-border funds by using stablecoins as a bridge connecting the banking system with blockchain infrastructure. The company claims that over 98% of transactions on its platform can be settled within 60 minutes, and the annual payment processing volume has increased from approximately $4 billion to about $45 billion. OpenFX plans to use this round of funding to expand into Southeast Asia and Latin America markets.