XFX, a foreign exchange settlement company, has completed a $17 million Series A funding round to expand its presence in fiat and stablecoin foreign exchange settlement.

PANews reported on March 26th that XFX, a foreign exchange settlement startup, announced the completion of a $17 million Series A funding round led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures, among others. This followed a $9 million seed round. Founded by three former Bitso employees and headquartered in Miami, XFX focuses on providing institutional clients with high-speed foreign exchange and payment infrastructure between fiat currencies and stablecoins. Currently, it supports USD, Mexican Peso, and Colombian Peso, as well as various stablecoins, with a focus on providing deep liquidity on a limited number of currency pairs. The company plans to use the new funding to expand its quantitative team and strengthen partnerships with trading desks and banks.