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01-05-2024: Our monthly flows waitlist has increased from $175m to $400m.
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10-14-2024: We raised a $16m round led by Dragonfly, with participation from Coinbase, Circle, Wintermute, Cumberland, Selini Capital, and angels from Stripe and PayPal.
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Codex is a multi-currency settlement network powered by stablecoins. Our team is early Optimism, ex-Meta, Jane Street, TikTok, Palantir, and Coinbase.
Our mission is to fulfill the oldest and most ambitious dream in crypto: a universal electronic cash system.
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