Codex, a startup specializing in stablecoin transactions, has raised $15.8 million in seed funding to develop a blockchain optimized for stablecoin operations. The funding round was led by Dragonfly Capital, with participation from Coinbase Ventures, Circle Ventures, and Wintermute.
Codexis developing a Layer-2 blockchain using the Optimism Stack, designed to enhance stablecoin transactions for enterprise use. The platform aims to address inefficiencies in existing blockchain networks by offering predictable fees and private transactions.
Institutional Adoption and Market Expansion
The startup is forging partnerships with crypto exchanges and fiat off-ramps to facilitate seamless stablecoin conversions. Codex’s infrastructure is expected to support cross-border payments, treasury management, and automated financial operations.
Codex’s approach aligns with growing regulatory scrutiny on stablecoins. By ensuring compliance with financial regulations, the platform aims to attract institutional users seeking stability and transparency in digital finance.
The stablecoin market has grown 60 times in the last six years, yet it still represents less than 2% of offshore U.S. dollar deposits. Codex’s focus on enterprise adoption could position it as a key player in the evolving stablecoin ecosystem.
Codex plans to expand its offerings beyond stablecoin transactions, integrating AI-driven financial tools and decentralized finance applications to enhance usability and efficiency.
Shogun Lin
