Last week OpenFX emerged from stealth with a $23m funding round led by Accel. The startup’s goal is for its infrastructure to enable 24/7 instant cross border payments and claims to have achieved $10 billion in annualized cross-border payment volume already. The annualized caveat means it hasn’t yet reached that milestone. What was most notable is that despite using stablecoins for payments, the company barely mentions them in its launch or on its website.
This approach reflects blockchain’s maturation – the technology gains true traction when it becomes invisible backend infrastructure. Payment providers prioritize speed, security, and cost over underlying technology.
On the OpenFX website we found only one graphic that shows the conversion of a stablecoin to dollars. Two of its backers only invest in crypto-related firms – Castle Island Ventures and Hash3. Additionally, its founder and CEO is Prabhakar Reddy, who was previously co-founder of crypto prime broker FalconX.
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