XFX

XFX operates a liquidity and settlement layer for foreign exchange that spans traditional fiat currencies and stablecoins. The platform aggregates wholesale liquidity across venues, currencies and blockchain networks, routes orders through a matching "engine" that pairs buyers and sellers of currency, and settles trades without requiring clients to pre-position capital in each market. The company frames its core question as processing the maximum amount of volume with the minimum amount of capital, arguing that faster rails do not help if inventory must still be parked in every currency to guarantee execution.

The product supports conversions between the U.S. dollar, the Mexican peso and the Colombian peso, plus multiple stablecoins including USDT and USDC across major networks. Rather than maximizing currency breadth, XFX says it is deliberately building deep liquidity in a small set of pairs before expanding coverage. Marketed capabilities include delivery-versus-payment settlement, API-first integration, price and execution-quality transparency (benchmarks, spreads, auditability), unified reporting and near-instant settlement, with the site citing settlement in under 15 minutes and consistent execution on trades from roughly $100K to $50M+.

Stated use cases span cross-border payments, stablecoin on/off-ramping and bridging, market making, corporate treasury and FX operations, and liquidity support for stablecoin issuers and networks seeking day-one interoperability, with emphasis on Latin American and global corridors.

Founding story

Co-founders Santiago Alvarado, Alberto (Beto) Sánchez Tello and Jason Losh met at Bitso, the Latin American crypto exchange, where Alvarado ran the B2B business unit and product function focused on cross-border payments, Sánchez Tello led the Markets team managing liquidity and provider relationships, and Losh built institutional trading systems and blockchain-based settlement infrastructure, eventually leading a team of 300. They scaled Bitso Business to $8.5 billion in annualized processing volume and found that, despite stablecoins' promise of real-time settlement, access to deep and competitive liquidity across fiat and stablecoin markets in Latin America remained a constraint. Alvarado is a former civil engineer; Sánchez Tello previously worked at Deutsche Bank, UBS and BlackRock.

Business model

XFX sells institutional FX execution and settlement infrastructure, positioning itself in the middle of client capital flows and replacing bilateral counterparty relationships with a single platform accessed via API. Sources do not disclose pricing or fee structure.

Traction

The company states it works with financial institutions, money transmitters and crypto exchanges, and publishes a testimonial from Felix Pago's head of trading describing XFX as a partner in its FX operations. The website displays an annualized volume figure and settlement/capital-lock-up statistics, but the numeric values are not legible in the captured page text. Specific customer names, revenue and volume figures are not disclosed in the available sources.

Latest developments

In March 2026 XFX announced a $17 million Series A led by Castle Island Ventures, with Haun Ventures and Coinbase Ventures participating; the valuation was not disclosed. The company said it would use the capital to hire quantitative traders and deepen relationships with trading desks and banks, and describes its current priority as expanding currency coverage and institutional liquidity depth.