DFX Finance, a decentralized foreign exchange protocol for stablecoins, has reportedly raised $5m in a seed round.
The capital was distributed by Polychain Capital and True Ventures, according to a report from CoinTelegraph. Other backers include Hex Capital, CMS Holdings, Castle Island Ventures and DeFi Alliance.
These funds are earmarked to help build a new decentralised exchange for stablecoins and open up the network to global consumers.
The FinTech has built a decentralized foreign exchange protocol for stablecoins including USDC, CADC, EURS and XSGD.
The platform is allegedly aimed at those outside the US who typically foster risk when depositing, collateralising and pooling liquidity.
Earlier in the week, decentralised asset finance platform Centrifuge closed a $4.3m in funding.
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