Foreign exchange startup XFX raises $17 million to help businesses go between cash and stablecoins

Exchanging U.S. dollars for Mexican pesos seems simple. But, at large enough scales and high enough speeds, transactions can get complicated, especially if businesses trade in the dollar-pegged digital tokens known as stablecoins. The Miami-headquartered startup XFX aims to make the foreign exchange process more efficient—for fiat and stablecoins—and has drummed up $17 million in a Series A fundraise, the company announced Thursday. 

The crypto investor Castle Island Ventures, which has carved out a niche in making stablecoin bets, led the round. Other participants include Haun Ventures and Coinbase Ventures, both of which invested in XFX’s $9 million seed round. Santiago Alvarado, cofounder and CEO of XFX, declined to specify at what valuation his startup raised its most recent stash of capital. 

“They’re building FX [foreign exchange] and payment infrastructure that matches the speed of stablecoins,” Chris Ahn, a........

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