XFX Raises $17M Series A to Streamline Stablecoin-Fiat FX Trading and Cross-Border Payments

Miami-headquartered startup XFX has successfully closed a $17 million Series A funding round.

The round was led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures.

Revolutionizing FX with Stablecoin Infrastructure

This funding brings XFX's total capital raised to $26 million, including a prior $9 million seed round.

Founded in 2025, XFX was started by three former employees of Latin American crypto exchange Bitso: CEO Santiago Alvarado, Jason Losh, and Alberto Sánchez Tello.

The trio brings diverse expertise from civil engineering, software development at Bitso, and traditional finance at firms like Deutsche Bank and BlackRock.

XFX has developed a sophisticated engine that matches buyers and sellers of currencies to enable efficient exchanges between stablecoins and fiat currencies.

Currently, the platform supports conversions involving the U.S. dollar, Mexican peso, and Colombian peso.

It addresses key pain points in cross-border transactions, where crypto settles in seconds but traditional bank transfers take days.

“How can we process the maximum amount of volume with a minimum possible amount of capital? That is what we’re trying to build,” said CEO Santiago Alvarado.

Future Growth and Industry Impact

Chris Ahn from Haun Ventures noted, “They’re building FX and payment infrastructure that matches the speed of stablecoins.”

With the new funds, XFX plans to hire quantitative traders and deepen partnerships with banks and trading desks.

This investment underscores the booming stablecoin sector's potential to transform global payments by reducing fees and accelerating settlements.