PANews reported on May 22 that according to Forbes, OpenFX, a cross-border payment infrastructure company, has completed a $23 million financing led by Accel. The company is committed to solving the "last mile" problem of cross-border payments through stablecoins, aiming to replace the traditional SWIFT network. Its technology can reduce the spread of foreign exchange transactions from 69 basis points to less than 10 basis points, and 90% of transactions can be settled within 60 minutes.

Prabhakar Reddy, founder of OpenFX, once founded crypto broker FalconX (valued at $8 billion). The new company will serve clients such as remittance companies and digital banks. It currently supports seven currencies including the U.S. dollar and the euro, and plans to expand to the Southeast Asian market within the year.