Codex
8 known investors
Codex provides institutional fiat-to-stablecoin and stablecoin-to-fiat conversion, letting businesses swap currencies like USD, EUR, and GBP into USDC and USDT through a single counterparty with wholesale FX rates and local settlement. It serves PSPs, fintechs, neobanks, remittance and e-commerce companies moving money across emerging and frontier markets in Latin America, North America, Africa, Asia, and Europe.
Also known as Codex Β· Codex FX
Investors Β· 8
Also in the syndicate Β· 2
Company profile
researched Aug 2026Codex FX operates stablecoin-powered foreign exchange and settlement infrastructure for businesses that move money across borders. The platform converts between fiat currencies and stablecoins, and between stablecoins, using stablecoins as the settlement layer underneath the exchange, with the stated aim of making fiat and stablecoins interchangeable across any currency. Customers access wholesale FX rates, real-time quotes and settlement that the company says completes in under 30 minutes on average, available 24/7/365, compared with the two-to-five business day cycles and weekday-only availability of legacy providers.
The company offers three core products: an on/off ramp that converts USD, EUR, GBP and other currencies into USDC, USDT and other stablecoins at firm wholesale rates; a blockchain bridge that moves USDT, USDC and PYUSD across Ethereum, Solana, Tron and other chains without slippage or smart contract exposure; and Codex Par, a 1:1 stablecoin swap API for payment operators offering USDT-to-USDC conversion at par to end customers with fees billed separately to the operator. Currencies listed as active include USD, EUR, GBP, MXN, BRL, USDC and USDT, with CLP, COP, TRY, ARS, BOB, PEN, PHP, INR, IDR, VND, AED and PKR listed as coming soon.
At the time of its April 2025 seed round, Codex was described as building its own layer-two blockchain purpose-built for stablecoins on top of Optimism, with stable send fees independent of network activity, built-in offramp relationships with exchanges and local brokers, and work underway on transaction confidentiality features.
Founding story
Codex was founded in 2024 by Haonan Li (co-founder and CEO), Momo Ong and Victor Yaw. Li graduated from the University of Pennsylvania in 2019 and briefly worked at quantitative trading fund Verdad Advisers before moving into crypto, working on the Optimism layer-two blockchain and helping launch its cryptocurrency. He left in 2023 to start his own company focused on stablecoins. Ong graduated from Princeton University, worked as a product manager at Meta and previously founded a startup; Yaw's family owns the Malaysian conglomerate Samling.
Business model
Codex FX acts as a wholesale FX and settlement counterparty for business customers, providing liquidity for fiat-to-stablecoin, stablecoin-to-fiat and stablecoin-to-stablecoin conversion through a single platform and API. Pricing is presented as upfront wholesale rates with real-time quotes and no hidden markups; for the Codex Par stablecoin swap API, end customers convert at par while fees are billed separately to the payment operator.
The company states it charges transparent, disclosed fees on conversions at wholesale rates rather than opaque spreads or markups, and bills stablecoin swap API fees to the payment operator rather than to that operator's end customers.
Traction
The company states it clears over $1 billion in volume every month and serves payment providers, neobanks, remittance companies and fintechs. Investors include Dragonfly, Coinbase Ventures, Circle Ventures, Wintermute and Cumberland; Dragonfly general partner Rob Hadick and Ethereum founder Vitalik Buterin are quoted on the company's site.
Latest developments
The company markets three live products (on/off ramp, blockchain bridge and the Codex Par stablecoin swap API), lists additional emerging market currencies as coming soon, and is recruiting through a careers page.
βΈFull profile β market position, technology, go-to-market, geography, history
Market position
Codex FX positions itself against legacy correspondent banking and traditional FX providers on settlement speed, cost, availability and coverage of emerging and frontier market currencies rather than G7 pairs only. At the time of its 2025 seed round, press coverage placed its stablecoin-chain effort alongside other purpose-built stablecoin infrastructure projects such as Plasma.
Coverage of hard-to-reach corridors and emerging market currencies, handling of both fiat-to-stablecoin and stablecoin-to-stablecoin flows with institutional liquidity, continuous 24/7/365 operation including weekends and holidays, settlement typically under 30 minutes, upfront transparent pricing, and KYB onboarding measured in days rather than weeks or months.
Technology
Stablecoin-native settlement infrastructure spanning fiat rails and public blockchains, with cross-chain transfers of USDT, USDC and PYUSD across Ethereum, Solana, Tron and other networks, and an API for stablecoin swaps and on/off ramping. The company cites institutional custody, access controls, and onchain and offchain AML controls with partners including Elliptic, Notabene and Flagright, with a KYB and licensing approach it describes as aligned to MiCA and MSB standards. Earlier reporting described a layer-two blockchain optimized for stablecoins built on Optimism, with fees insensitive to network activity, built-in offramps and planned transaction confidentiality.
Go-to-market
Direct enterprise sales driven through demo requests on the company website, supported by developer documentation and API access for integration, plus content channels including a blog and podcast.
Payment service providers, fintechs, neobanks, remittance companies, invoice payment operations, commodities firms and e-commerce businesses, particularly those operating in emerging and frontier markets that need currency conversion at scale.
Geography
Focused on emerging and frontier markets, with the company citing Brazil, Mexico, Argentina and the Philippines among target markets. Active currency coverage includes USD, EUR, GBP, MXN and BRL, with planned expansion into Latin American, Middle Eastern and Asian currencies including CLP, COP, TRY, ARS, BOB, PEN, PHP, INR, IDR, VND, AED and PKR. The company states it holds licenses and banking relationships across multiple jurisdictions.
History
Founded in 2024, the company announced a $15.8 million seed round in April 2025 while building a stablecoin-focused layer-two blockchain on Optimism. It subsequently operates as Codex FX, a stablecoin-native FX and settlement platform offering on/off ramps, a cross-chain bridge and a stablecoin swap API.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 1
launches, deals, and filingsCodex announced a $15.8 million seed round led by Dragonfly Capital, with participation from Coinbase Ventures, Circle Ventures, Cumberland, Wintermute and Selini Capital. The raise was structured as equity plus token warrants, and the company was at the time building a layer-two blockchain designed specifically for stablecoins on top of Optimism.
$15.8M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Codexcodex.xyz Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Codex do?
- Codex FX is a stablecoin-native foreign exchange platform converting between fiat and stablecoins for PSPs, fintechs and neobanks.
- Who are Codex's investors?
- Codex's investors include Circle Ventures, Coinbase Ventures, Dragonfly, Wintermute, Mirana Ventures, Reverie.