TechFlow news — U.S. fintech company CFX Labs announced it has raised $9.5 million in a Series A funding round, with participation from Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Kraken Ventures, New Form Capital, and the Philippines-based Metropolitan Capital Bank & Trust. The funds will be used to expand its Solana blockchain-based stablecoin payment and remittance network globally.
Remittances represent one of the most compelling use cases for stablecoins, as transactions on blockchains can settle nearly instantly, at lower fees, and are open 24/7. Dollar-backed stablecoins are digital dollars in tokenized form, playing a critical role between traditional currencies and blockchain-based digital assets.
CFX Labs’ payment network enables individuals to send and receive fiat-equivalent U.S. dollars overseas to countries such as India, Mexico, and Nigeria using the company’s proprietary stablecoin fxUSD and the Solana (SOL) blockchain as a transaction rail.
Customers can also initiate transfers from physical convenience stores across the United States, including Walmart, CVS, Walgreens, and Rite-Aid. When users deposit cash, they receive digital dollars in the company’s MoveMoney embedded wallet.
