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Stock impact report

OpenFX raises $94m to expand stablecoin payments network [Yahoo! Finance]

Western Union Company (The) (WU) 
Last western union company (the) earnings: 2/11 04:05 pm Check Earnings Report
Company Research Source: Yahoo! Finance
The round was led by Accel, Atomics, Lightspeed Faction, M13, Northzone and Pantera. Existing investors Flybridge and Hash3 also participated. The funding valued OpenFX at about $500m, a person familiar with the matter told Reuters. Market infrastructure firms such as OpenFX are increasingly using blockchain-based currencies to enable faster and cheaper transactions, particularly for businesses moving large sums across borders. Founder Prabhakar Reddy in a press statement said he conceived the company after seeing long queues outside Western Union branches in Dubai where people were waiting to collect money. He started OpenFX in 2024. “People still pay 5-7% of their paychecks to send money home. Money that might have otherwise gone towards building a better life. Thirty years later, on the other side of a technological revolution that put supercomputers in everyone's pocket - almost nothing had changed. That gap is where OpenFX began,” the statement read. OpenFX aims to mak Show less Read more
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