Codex Raises $15.8M to Build Stablecoin Blockchain

April 4, 2025 – Codex, a Layer-1 blockchain designed specifically for stablecoin-based finance, has announced the successful closing of a $15.8 million seed funding round. The round was led by Dragonfly Capital, with significant participation from prominent investors including Coinbase Ventures, Circle Ventures, Cumberland Labs, Wintermute, Selini Capital, Hustle Fund, Mirana Ventures, Fabric Ventures, and Dovey Wan, among others. This substantial investment will fuel the development and expansion of Codex's vertically integrated stablecoin infrastructure, comprising Codex Chain, Codex API, and Codex FX.

Codex is tackling the challenges hindering mainstream stablecoin adoption by rebuilding the financial stack from the ground up. Current cryptocurrency infrastructure, optimized for trading and speculation, often lacks the stability, simplicity, and reliability required for business use. Codex addresses these shortcomings with a purpose-built solution:

Codex Chain: A Layer-1 blockchain built on the OP Stack and hosted by Conduit, optimized for stablecoin transactions. This dedicated blockchain provides a secure and efficient environment for high-volume stablecoin transfers, ensuring stable fees and predictable performance. It also powers on-chain compute for AI, DePIN, and DeFi applications, expanding its utility beyond stablecoin finance.

Codex API: A robust and easy-to-use API enabling programmatic movement of stablecoins across borders. This simplifies complex operations, allowing businesses to automate on/off-ramping, fiat-to-fiat conversions, and virtual account management. The API facilitates seamless integration with existing financial systems, reducing friction and operational overhead.

Codex FX: A decentralized and autonomous liquidity venue for foreign exchange (FX) transactions using stablecoins. Codex FX aims to provide efficient and cost-effective access to global stablecoin FX markets, opening up new opportunities for businesses operating internationally.

"We're not just putting a band-aid on existing infrastructure," says Haonan Li, co-founder and CEO of Codex. "We're rebuilding it from first principles to address the specific needs of businesses operating with stablecoins. Our vertically integrated approach provides the stability, security, and programmability required for mainstream adoption."

Codex's solution is designed for:

Fintechs: Cost-effectively expand into new markets and offer enhanced services to customers.

Businesses: Unlock global markets, simplify cross-border payments, and manage treasury operations efficiently.

Operations Teams: Automate high-volume stablecoin transactions and reduce manual processes.

Finance Teams: Prioritize automation and streamline financial operations.

The team behind Codex brings extensive experience from leading technology and financial institutions, including Meta, TikTok, Coinbase, Palantir, and Jane Street. Co-founders include:

Haonan Li (CEO): Formerly of Ethereum and Optimism, bringing deep expertise in blockchain technology and stablecoin infrastructure.

Victor Yaw: Whose family owns the Malaysian conglomerate Samling, contributing valuable business and financial insights.

Momo Ong: A Princeton graduate and former product manager at Meta, with a strong background in product development and startup leadership.

"Codex has the potential to transform the way businesses operate with stablecoins," says Rob Hadick, General Partner at Dragonfly Capital. "Their focus on building a purpose-built blockchain and vertically integrated infrastructure sets them apart and positions them for success in this rapidly growing market."

The $15.8 million seed funding will be used to further develop the Codex platform, expand the team, and accelerate go-to-market efforts. Codex is currently offering early access to its platform and invites businesses interested in exploring the future of stablecoin finance to connect.

About Codex:

Codex is building a vertically integrated stablecoin infrastructure for businesses, comprising Codex Chain, Codex API, and Codex FX. Their mission is to enable seamless and efficient global stablecoin payments and FX markets.

For more information, visit https://www.codex.xyz/.