“Can a stablecoin-settled FX network replace correspondent banking as the default rail for cross-border B2B money movement?”
Founded in 2024 by FalconX co-founder Prabhakar Reddy as a stablecoin-settled cross-border FX infrastructure company targeting PSPs, remittance firms, and neobrokers. Through 2026 OpenFX moved beyond pure FX into adjacent money-movement surfaces — European embedded payments via the Embed acquisition, and multi-currency fintech accounts via the Global Ledger acquisition — positioning itself as a vertically integrated alternative to correspondent banking rather than just an FX API.
OpenFX discloses OpenFX (in-house) as its banking provider, according to the Embedded Finance Index 2026.
OpenFX does not disclose a bank charter of its own; its banking services are provided through OpenFX (in-house).
OpenFX moves money over ACH, Fedwire and SWIFT.
OpenFX runs its ledger on Global Ledger (in-house, acquired 2026).
OpenFX uses OpenFX (in-house) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 4 layers in OpenFX's stack: Money movement (ACH, Fedwire and SWIFT); Banking / BaaS (OpenFX (in-house)); Ledger (Global Ledger (in-house, acquired 2026)); FX & payouts (OpenFX (in-house)).
OpenFX was founded by Prabhakar Reddy and is founded in 2024, headquartered in Miami, Florida, United States.
OpenFX has raised $117M in total (latest round: Series A, 2026; valuation: ~$500M (2026)).
OpenFX's acquisitions include Embed (2026) and Global Ledger (2026).
Get a read on where your own stack stands against OpenFX and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.