Stablecoin cross-border payment infrastructure company OpenFX completes $23 million financing, led by Accel

According to Forbes, cross-border payment infrastructure company OpenFX has raised $23 million in funding, led by Accel. The company is committed to solving the "last mile" problem of cross-border payments through stablecoins, with the goal of replacing traditional SWIFT networks. Its technology can reduce forex trading spreads from 69 basis points to below 10 basis points, and 90% of trades can be settled within 60 minutes. OpenFX founder Prabhakar Reddy founded cryptocurrency broker FalconX (valued at $8 billion). The new company will serve customers such as remittance companies and digital banks. Currently, it supports 7 currencies including the US dollar and the euro, and plans to expand to the Southeast Asian market within the year.