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About XFX
XFX is a cross-border settlement and FX liquidity infrastructure that connects fiat and stablecoin ecosystems. Its core business is providing financial institutions, payment companies, and market makers with a unified platform for executing foreign exchange and cross-border payments.
In simple terms, XFX acts like a 'liquidity router' for the stablecoin era. Instead of requiring companies to pre-fund accounts in multiple countries or currencies, XFX aggregates liquidity from various sources and uses stablecoins (like USDT or USDC) as a bridge to settle transactions in real-time. This means money can move across borders in minutes rather than days, and companies don't need to lock up large amounts of capital in advance.
The main market pain points XFX addresses are: (1) the high cost and slow speed of traditional correspondent banking, (2) the fragmentation of liquidity across different platforms and currencies, and (3) the operational burden of managing multiple pre-funded accounts. By using stablecoins and smart routing, XFX reduces settlement time, lowers transaction costs, and frees up working capital.
Over the past six months (March to September 2026), XFX has focused on expanding its network coverage and improving its platform's stability. According to public information from its official website and Twitter, the company has been onboarding new institutional clients across Latin America and other regions, and has been actively participating in discussions about stablecoin regulation and interoperability. No major negative events were reported during this period, though the broader regulatory environment for stablecoins remains a risk factor for the industry as a whole.
XFX was founded by Santiago Alvarado, Jason Losh, and Alberto Sánchez Tello, who previously held senior roles at the Latin American crypto exchange Bitso, where they led the institutional and payments business. The team identified a critical gap in the market: while stablecoins enable instant settlement, converting them into local fiat currencies like the Mexican peso or Colombian peso remains slow and inefficient. In June 2025, XFX officially launched its platform, building a liquidity engine that matches buyers and sellers across fiat and stablecoin pairs, eliminating the need for pre-funding and reducing operational friction.
A major milestone came in March 2026, when XFX announced a $17 million Series A funding round led by Castle Island Ventures, with participation from Haun Ventures, Coinbase Ventures, and others. This followed a $9 million seed round from the same investors. The funding validated XFX's approach to building institutional-grade FX infrastructure for the stablecoin era and provided capital to expand its team of quantitative traders and deepen relationships with banks and trading desks. The company's focus on solving the settlement bottleneck between digital assets and traditional currencies positions it as a key infrastructure layer for the growing cross-border payments market.
XFX, a cross-border settlement infrastructure provider, announced a $17M Series A led by Haun Ventures with participation from Castle Island Ventures, Coinbase Ventures, and others on March 26, 2026. Founded by former Bitso executives, the company focuses on building a liquidity layer connecting fiat and stablecoins, currently supporting USD, MXN, and COP. Official roadmap priorities include: expanding quantitative trading talent, deepening partnerships with trading desks and banks, and achieving full interoperability across new stablecoins and networks. The platform emphasizes eliminating pre-funding via DvP settlement, transparent execution benchmarks, and institutional-grade liquidity across major currency pairs. XFX is currently working with select design partners and invites financial institutions, market makers, and payment processors to collaborate.
Santiago Alvarado (Co-founder & CEO): Previously General Manager at Bitso, VP of Product, and roles at Tenpo and Tesla. Holds an MBA from Harvard Business School.
Alberto Sanchez Tello (Co-founder & COO): Former roles at Bitso (Director of Cross-Border Payments) and other fintech positions.
Jason Losh (Co-founder & CTO): Former CTO at Zenrock Labs and SVP of Engineering at Bitso. Expert in blockchain, MPC, and infrastructure.