CFX Labs Raises $9.5M to Expand Solana-Based Global Stablecoin Payment Network
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U.S.-based fintech firm CFX Labs raised $9.5M in seed funding to expand its Solana blockchain-based stablecoin payment network globally.
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The network enables sending and receiving fiat overseas using the fxUSD stablecoin and Solana blockchain.
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Customers can initiate transfers from brick-and-mortar stores like Walmart, depositing cash to get digital dollars.
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CFX Labs aims to reach 1.2 billion people across more countries by 2024 Q2.
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The firm plans to expand into new regions with a large addressable remittance market and low-fee, fast product.