CFX Labs has raised $9.5 million in seed funding to expand its payment network based on Solana. The US fintech firm plans to use the funds to develop its technology and expand globally, aiming to reach 1.2 billion people by Q2 2024. CFX Labs' payment network enables international money transfers using its stablecoin, fxUSD, and the Solana blockchain. The company also offers the option to initiate transfers from convenience stores across the US. CFX Labs' MoveMoney embedded wallet has gained 4000 users since its launch. The company aims to stimulate economic growth, enhance global commerce, improve remittances, and reduce inequality. Remittances are a key use case for stablecoins due to their ability to settle transactions instantly, provide lower fees, and operate 24/7. CFX Labs sees the potential to expand its payment network beyond remittances internationally, tapping into a trillions-of-dollars market.
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