According to Foresight News, as reported by Forbes, the cross-border payment infrastructure company OpenFX has completed a $23 million financing round led by Accel. The company aims to solve the 'last mile' problem of cross-border payments using stablecoins, with the goal of replacing the traditional SWIFT network. Its technology can reduce foreign exchange trading spreads from 69 basis points to below 10 basis points, with 90% of transactions settling within 60 minutes.
OpenFX founder Prabhakar Reddy previously established the cryptocurrency brokerage FalconX (valued at $8 billion). The new company will serve clients such as remittance companies and digital banks, and currently supports 7 currencies including the US dollar and the euro, with plans to expand to the Southeast Asian market within the year.