OpenFX Raises $94M for Stablecoin-Powered Cross-Border Payments
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OpenFX, a cross-border payments and forex trading platform, secured $94 million in funding to accelerate its mission. Founded by Prabhakar Reddy, the company aims to address high fees for large transfers by leveraging stablecoins. With transactions completing in under an hour, OpenFX is already processing $45 billion annually, a significant increase from $4 billion. This funding round will support expansion into Southeast Asia and Latin America, where stablecoins are gaining traction, and will facilitate partnerships between traditional banks and blockchain technology.
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