The post OpenFX Secures $23M To Power Stablecoin Conversion For Global Payments appeared on BitcoinEthereumNews.com.

Exciting news from the world of financial technology and cryptocurrency! OpenFX, a company dedicated to building better infrastructure for cross-border transactions using stablecoins, has successfully raised a significant $23 million in a recent funding round. This investment, reportedly led by Accel according to Fortune Crypto, is set to accelerate OpenFX’s mission to solve one of the most persistent challenges in global payments: the ‘last-mile’ issue of stablecoin conversion into local currencies. Why is Stablecoin Conversion a Big Deal for Global Payments? Think about sending money across borders today. Whether you’re a business paying suppliers overseas or an individual sending remittances home, it often involves multiple intermediaries, high fees, slow processing times, and unfavorable exchange rates. This is the traditional headache of cross-border payments. Stablecoins, cryptocurrencies pegged to stable assets like the US dollar, offer a promising alternative. They can be transferred quickly and cheaply globally using blockchain technology. However, the challenge arises when the recipient needs to convert that stablecoin into their local fiat currency (like Euros, Pesos, or Yen) to actually use it in their daily life or business operations. This final step – the conversion from stablecoin to local fiat – is often inefficient, costly, or simply unavailable in many regions. This is the critical ‘last-mile’ problem that OpenFX aims to solve. How is OpenFX Tackling the Last-Mile Challenge? OpenFX is building a platform designed specifically to bridge this gap. Their infrastructure is focused on making the process of converting stablecoins into local fiat currencies as seamless and efficient as possible. While the exact technical details are proprietary, their approach involves: Connecting directly with local payment networks and financial institutions in various countries. Providing APIs and tools for businesses to integrate stablecoin conversion into their existing workflows. Supporting a growing number of local currencies for international payments. By…

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Filed under: News - @ May 22, 2025 8:27 pm