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About Codex
Key milestones in Codex's development as a stablecoin payment infrastructure include: completing a $15.8 million seed round led by Dragonfly Capital with participation from Wintermute, Coinbase Ventures, and Circle Ventures, establishing the project's capital foundation. Subsequently, Codex Chain, a Layer 2 blockchain built on OP Stack, officially launched its mainnet with native USDC support, marking the realization of its technical infrastructure. Founded by former Optimism developer Haonan Li, the project aims to address pain points in enterprise stablecoin adoption. Codex plans to launch institutional-grade services in the Philippines and expand to regions including Singapore, the UK, Dubai, and Hong Kong, demonstrating its commercialization path.
Codex (Codex FX) has made significant strides in H1 2026. The official launch of Codex FX, a stablecoin-powered wholesale FX platform, is the core development, targeting emerging and frontier markets. It provides 24/7 settlement in under 30 minutes, addressing inefficiencies in legacy cross-border payments.
Key metrics and features include: deep institutional liquidity for fiat-to-stablecoin on/off-ramps and stablecoin-to-stablecoin swaps; support for USDC, USDT, PYUSD across Ethereum, Solana, and Tron via its blockchain bridge; and the Codex Par API for 1:1 stablecoin swaps. The platform reports $230 million in weekly volume, with a focus on corridors like Brazil (BRL) and Nigeria (NGN).
The company's roadmap emphasizes expanding beyond the dollar. The 'Dollar Machine' is the first chapter in a series, with future entries covering additional currencies and corridors. The stated goal is 'anything to anything'—building an onchain FX platform for all currencies, moving beyond the current dollar-centric focus. This includes continuous rollout of new corridors across Latin America, Africa, and Asia-Pacific, and deepening liquidity for non-USD pairs.
Haonan Li (Co-Founder & CEO): Previously led token/airdrop design and protocol economics at Optimism, built experimental incentive systems with Vitalik Buterin, and worked in Adam Grant's research team. Contributed to IARPA research under Philip Tetlock. Graduated summa cum laude from Wharton. Born in Singapore, grew up in Beijing and Andover, MA. Served as an infantry platoon commander.
Momo Ong (Co-Founder): Background in finance and strategy. Previously worked at a quantitative hedge fund and helped deploy billions in COVID rescue financing. Holds a BBA in Finance and Art History from Washington University in St. Louis. Experienced in leadership roles including fraternity and rugby team captain.
Victor Yaw (Co-Founder): Served as Head of Europe at Blue Cloud Ventures, and worked in Corporate & Investment Banking at BNP Paribas. Angel investor since 2020. Holds an International Baccalaureate from Anglo-Chinese School (Independent).