CFX Labs raises $9.5M with its stablecoin payment network

CFX Labsa fintech which offers a international payment network based on Solana and powered by a stablecoinhas raised 9.5 million dollars from Shima Capital, CMT Digital and others.

The stablecoins have the potential to revolutionize payments, according to the Bank of England. A statement that would not be contradicted CFX Labsthe publisher of a payment and remittance network powered by an in-house stablecoin.

Based on the L1 Solana blockchain, CFX Labs’ network enables the “instant” transfer of US dollars from the US to several countries, including India and Mexico. With its product MoveMoneyWith MoveMoney, customers can send and receive money from physical locations such as Walmart stores.

This week, CFX Labs announced that it had closed a $9.5 million financing round. The round includes participation from Shima Capital, CMT Digital, Corazon Capital, Kraken Ventures and New Form Capital.

Bringing together an accomplished team of industry leaders such as PayPal, MoonPay, Sardine, Robinhood, ABN AMRO Bank, Feeding America and world-class technical development, this launch round represents our investors’ belief in our platform and its potential,” said CFX Labs co-founder and director.

For Nick Cavet, his fintech isn’t just about making international payments faster. “We’re transforming the very fabric of the global money movement to unlock entirely new monetization opportunities for the real producers and consumers of our shared economy,” he explained.

Last summer, online payments giant PayPal entered the stablecoin arena with its own token. Launched on Ethereum, PYUSD now has a market capitalization of around $150 million.

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