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XFX Raises $17 Million to Expand Stablecoin Swaps in Latin America

According to Fortune, XFX completed a $17 million Series A led by Castle Island Ventures to improve foreign exchange between fiat currencies and stablecoins across U.S., Mexican, and Colombian markets.

Summary

According to Fortune, XFX completed a $17 million Series A funding round led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures. The company said the new capital will support efforts to improve foreign exchange between fiat currencies and stablecoins. XFX currently supports swaps among stablecoins, U.S. dollars, Mexican pesos, and Colombian pesos, highlighting its focus on cross-border currency conversion infrastructure in Latin America.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, usually by being pegged to a fiat currency such as the U.S. dollar.
  • Stablecoin swap: A transaction that exchanges one stablecoin for another or converts stablecoins into fiat currencies and vice versa.
  • Series A: An early-stage venture funding round typically used by startups to expand operations, develop products, or grow market reach.