According to TechFlow, US fintech company CFX Labs has completed a $9.5 million seed round of financing, with participation from Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Kraken Ventures, New Form Capital and Metropolitan Capital Bank & Trust based in the Philippines. The funds will be used to expand its Solana blockchain-based stablecoin payment and remittance network globally.
Remittances are one of the most compelling use cases for stablecoins, as transactions on the blockchain settle almost instantly, have low fees, and are available 24/7. USD-backed stablecoins are digital dollars in token form, playing a key role between traditional currencies and blockchain-based digital assets.
CFX Labs’ payments network enables people to send and receive fiat dollars overseas to countries such as India, Mexico and Nigeria, using the company’s proprietary stablecoin fxUSD and the Solana (SOL) blockchain as a payment rail for transactions.
Customers can also initiate transfers from physical convenience stores across the U.S., including Walmart, CVS, Walgreens and Rite-Aid. When users deposit cash, they receive digital dollars in the company’s MoveMoney embedded wallet.
