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Oct ‘24: We raised a $16m round from Dragonfly, Coinbase, Circle, Wintermute, Cumberland, Selini, and angels from Stripe and PayPal.
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Codex is a stablecoin infrastructure company. Our mission is to fulfill the oldest and most ambitious dream in crypto: a universal electronic cash system. Codex comprises:
- Codex Blockchain: Ethereum’s stablecoin chain. Codex chain combines the efficiency of a dedicated L2 with Ethereum’s security, extending Ethereum's capabilities with programmable and secure atomic on/offramps, compliance and identity mechanisms, and native FX. Issuer-neutral by design, Codex provides native access to all stablecoins, with predictable low fees. All transactions ultimately settle on Ethereum, the most decentralized and battle-tested smart contract platform on the planet.
- Codex Liquidity Hub: An institutional-grade OTC desk for stablecoins. Instant swaps across any fiat and stablecoin pair at wholesale prices. Access to USD <> USD, USD <> non-USD, and fiat <> stablecoin conversions across dozens of geographies and blockchains at or near a 1:1 basis.
Our team is early Optimism, ex-Meta, TikTok, Coinbase, Wise, Revolut, Adyen.
I. SOMETHING STRANGE IS HAPPENING WITH STABLECOINS
- Stablecoins are growing rapidly. In 2019 there was ~$4B outstanding. There’s ~$170B today. That’s 40x in 5 years.
- Stablecoin volumes don’t correlate with crypto market cycles anymore. These are flows with real use cases!
- One key reason why folks are using stablecoins is because they enable instant cross-border transactions.
- Many businesses in Southeast Asia have low gross margins, high working capital needs and transact often across countries.
- For these businesses, getting paid by clients faster, paying vendors later, moving money faster between entities, can be the difference between life or death.
II. STABLECOINS STILL SUCK TODAY