PANews reported on May 22 that, according to Forbes, cross-border payment infrastructure company OpenFX has completed a $23 million financing round led by Accel. The company is committed to solving the "last mile" problem of cross-border payments through 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 settled within 60 minutes.
OpenFX founder Prabhakar Reddy previously established crypto broker FalconX (valued at $8 billion). The new company will serve remittance companies, digital banks, and other customers, currently supporting 7 currencies including US dollars and euros, and plans to expand to the Southeast Asian market this year.
