Codex
Codex builds stablecoin-powered wholesale FX infrastructure on a purpose-built Ethereum Layer 2 blockchain, serving PSPs, fintechs, neobanks, and remittance companies in emerging and frontier markets with sub-30-minute settlement, 24/7 availability, and emerging market currency coverage via the Codex FX platform.
- Company typePrivate
- Founded2024
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Codex does
Codex is a stablecoin-native financial infrastructure company that operates a purpose-built EVM-equivalent Layer 2 blockchain (Codex Chain) on Ethereum, designed specifically for stablecoin payments, FX, and settlement rather than adapted from a general-purpose chain. The company serves payment service providers, fintechs, neobanks, remittance companies, and emerging-market businesses that need fast, cost-effective cross-border currency conversion, addressing pain points of 2-5 day legacy settlement, 3-5% fees plus hidden markups, and limited G7-only currency coverage.
The product architecture has three layers: Codex Chain provides the settlement infrastructure with embedded compliance precompiles, gas abstraction (fees denominated in the transaction's stablecoin), and validator-based finality; Codex FX is the user-facing wholesale FX platform offering sub-30-minute settlement, 24/7/365 availability, and emerging market currency coverage (USD, EUR, GBP, BRL, MXN, plus coming-soon corridors across Latin America, Africa, and Asia); Codex Avenue is the institutional liquidity and FX hub offering Mint-as-a-Service for stablecoin issuers and fiat on/offramp infrastructure. A developer API at docs.codex.xyz enables programmatic integration, and Codex Convert Hub provides corridor-specific conversion interfaces.
Codex generates revenue through FX spreads and transaction fees on currency conversions between fiat and stablecoins and stablecoin-to-stablecoin swaps, with wholesale institutional pricing, transparent execution, and zero hidden costs. Distribution is via direct enterprise sales targeting PSPs and remittance companies, developer API access, and day-zero integration with Fireblocks (providing reach to 2,000+ institutions). The company is venture-backed, having raised $15.8M in seed funding in April 2025 led by Dragonfly Capital with participation from Coinbase Ventures, Circle Ventures, Cumberland, Wintermute, and Selini, and is headquartered in New York with operating subsidiary Codex Financial, Inc. holding MSB licensing (NMLS 2696269).
Codex firmographics
Firmographics- Name
- Codex
- Legal name
- Codex Technologies PBC, Inc.
- Website
- https://codex.xyz
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Codex builds stablecoin-powered wholesale FX infrastructure on a purpose-built Ethereum Layer 2 blockchain, serving PSPs, fintechs, neobanks, and remittance companies in emerging and frontier markets with sub-30-minute settlement, 24/7 availability, and emerging market currency coverage via the Codex FX platform.
- Ownership category
- akta.pro rank
Codex industry classification
Industry- Product category
- Cross-border Payments Infrastructure
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF)
- akta.pro secondary industries
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where Codex is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Codex business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- FX Spread and Transaction Fees: Codex FX charges fees through FX spreads and transaction fees on currency conversions between fiat and stablecoins and stablecoin-to-stablecoin swaps. Businesses pay wholesale rates with clear, transparent pricing and zero hidden costs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Wholesale FX rates with institutional-grade pricing |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Codex product offering
Product offeringCore offering
Codex builds a stablecoin-powered wholesale FX and settlement infrastructure for businesses that move money across borders. Its flagship product, Codex FX, converts between fiat and stablecoins (and stablecoin-to-stablecoin) with institutional-grade pricing, sub-30-minute settlement, and 24/7/365 availability, including emerging-market corridors underserved by correspondent banks. Underlying the platform is Codex Chain, an EVM-equivalent Layer 2 blockchain purpose-built for stablecoin-native payments, embedded compliance, and fiat-compatible primitives.
Product overview
Codex offers a unified platform architecture consisting of Codex Chain (the foundational Layer 2 blockchain infrastructure purpose-built for stablecoins), Codex FX (the wholesale stablecoin-powered FX platform for businesses), and Codex Avenue (the global liquidity and FX hub providing Mint-as-a-Service and on/offramp capabilities). The Codex API provides programmatic access to these services. Together, Codex Chain provides the settlement layer while Codex FX and Codex Avenue deliver the user-facing FX and liquidity products that connect stablecoins with real-world fiat markets across emerging and frontier economies.
Differentiator
Problem solved
Functional benefit
Brands
- Codex Chain: A high-throughput, EVM-equivalent Layer 2 blockchain purpose-built for stablecoin-native payments, FX, and settlement.
- Codex FX
- Codex Avenue
Products and services
- Codex FX Stablecoin-powered wholesale FX platform for businesses that enables conversion between fiat and stablecoins in any direction at institutional-grade pricing, with sub-30-minute settlement, 24/7/365 availability, and emerging-market currency coverage including USD, EUR, GBP, BRL, MXN, USDC, and USDT.
- Codex Chain High-throughput, EVM-equivalent Ethereum Layer 2 blockchain purpose-built for stablecoin-native payments, FX, and settlement, with predictable transaction costs, native FX capabilities, gas abstraction, embedded compliance, and fast finality via a validator set before posting to Ethereum.
- Codex Avenue Global liquidity and FX hub extending Codex Chain that powers seamless fiat on/offramps and stablecoin swaps across chains and geographies, with Mint-as-a-Service capabilities enabling issuers to deploy on/offramps, manage token creation and redemption, and integrate with local banking infrastructure through APIs.
- Codex API Developer API enabling businesses to move stablecoins programmatically, powering Codex FX functionality including fiat-to-stablecoin conversion, stablecoin-to-fiat off-ramping, and direct stablecoin-to-stablecoin swaps through a single platform and programmatic integration.
- Codex Convert Hub Currency conversion interface supporting direct fiat-to-stablecoin and stablecoin-to-stablecoin corridors across Latin America, North America, Africa, Asia, and Europe, enabling conversion between USD, USDC, USDT, BRL, and local currencies in markets including Hong Kong, Brazil, Nigeria, Kenya, and Indonesia.
Quantifiable outcome
- Settlement in under 30 minutes (vs 2-5 business days for legacy providers)
- +4 more outcomes
Companies that use Codex
Customer profileSegments7 records
Ideal customer profiles3 records
Codex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature12 records
Codex partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and supporting.
- KRWQ (IQ/Frax)coreKRWQ, the first fiat-backed Korean won stablecoin built by IQ in partnership with Frax, is now live on Codex. This brings deep institutional KRW liquidity onchain and expands Codex's Asian market coverage.
- BiLiracoreBiLira, Turkey's leading crypto exchange and issuer of TRYB (Turkish Lira-backed stablecoin), has integrated TRYB natively on the Codex blockchain. This expands Codex's geographical reach and diversifies the stablecoin offering available on the platform.
- PDAXcorePartnership with PDAX, the leading regulated digital assets exchange in the Philippines. Codex provides stablecoin swaps via Codex Avenue and settlement through Codex Chain to streamline remittance flows into the Philippines.
- BybitcoreBybit, the world's second-largest cryptocurrency exchange by trading volume with over 70 million users, became the first Tier-1 global exchange to integrate the Codex blockchain. Enables consumers and businesses using Bybit to seamlessly deposit and withdraw stablecoins using Codex.
- GSRcoreGSR, a pioneer in digital asset trading and liquidity provision, integrates Codex as one of its settlement blockchains for institutional clients. GSR sees value in purpose-built stablecoin chains for efficient, compliant, and secure settlement.
- FireblockscoreDay-zero integration enabling Fireblocks' 2,000+ institutional clients to create Codex wallets, move funds, and settle payments using existing Fireblocks infrastructure. Fireblocks has secured over $10 trillion in transfers across 300 million wallets.
- EllipticsupportingCompliance partner providing on-chain and off-chain AML monitoring for Codex FX platform.
- NotabenesupportingCompliance partner for identity and transaction monitoring, supporting KYB onboarding and regulatory compliance.
- FlagrightsupportingCompliance partner providing AML and fraud prevention solutions for the Codex FX platform.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Codex competitors and assessment
Company assessmentDirect peers
- Zero Hash: Zero Hash provides stablecoin and digital asset infrastructure, including custody, on/off-ramps, and settlement APIs for fintechs and banks. It competes with Codex Avenue and Codex FX for enterprise stablecoin plumbing.
- Alchemy Pay: Alchemy Pay provides fiat-to-crypto on/off-ramps and crypto payment acceptance globally, including emerging markets. It targets similar PSP, fintech, and merchant use cases with comparable corridor coverage.
- Bridge (Stripe): Bridge, acquired by Stripe, builds stablecoin APIs for businesses to move, store, and convert value. It targets the same developer-first, enterprise FX and payments use cases as Codex and competes directly for fintech and PSP integrations.
- Transak: Transak provides global fiat on/off-ramp infrastructure for crypto and stablecoins across 160+ countries, with deep emerging-market coverage. It is comparable to Codex Avenue and competes for the same local ramp integrations.
- BVNK: BVNK provides stablecoin payment and settlement infrastructure for businesses, including FX, on/off-ramps, and treasury operations across emerging markets. It is the closest direct competitor to Codex FX, targeting the same PSP, fintech, and remittance customer base.
Broad incumbents
- Circle: Circle, the issuer of USDC, is both an investor in Codex and a competitor. Circle's expanding payments, treasury, and cross-border products overlap with Codex FX and Codex Chain's USDC-native settlement positioning.
- Stellar Development Foundation: Stellar is a public blockchain purpose-built for payments and FX, anchoring stablecoin-based remittance corridors and MoneyGram-adjacent flows. It targets the same emerging-market cross-border use case as Codex Chain and Codex FX.
- Ripple: Ripple provides cross-border payments infrastructure (RippleNet, RLUSD stablecoin, On-Demand Liquidity) to banks and PSPs. It competes with Codex for the same enterprise remittance and emerging-market FX flows, with substantially greater capital and bank relationships.
- Paxos: Paxos issues regulated stablecoins (USDP, PYUSD on its platform) and offers custody, settlement, and on/off-ramp infrastructure to enterprises. It overlaps with Codex Avenue's Mint-as-a-Service and Codex FX's stablecoin settlement rails.
Emerging players
- Plasma: Plasma is an emerging purpose-built stablecoin L1/L2 that targets payments and FX use cases directly comparable to Codex Chain, with similar embedded compliance and zero-fee positioning. It is the most direct emerging competitor in the stablecoin-native chain category.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Codex social profiles
Digital presenceCodex compliance and trust
Trust signalCompliance4 records
Codex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Codex leadership team
Management profileNumber of profiles
Profiles3 records
Codex subsidiaries and ownership
Company hierarchySubsidiaries1 record
Codex funding detail
Funding detailFunding overview
Funding rounds1 record
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Codex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Codex
What does Codex do?
Codex builds a stablecoin-powered wholesale FX and settlement infrastructure for businesses that move money across borders. Its flagship product, Codex FX, converts between fiat and stablecoins (and stablecoin-to-stablecoin) with institutional-grade pricing, sub-30-minute settlement, and 24/7/365 availability, including emerging-market corridors underserved by correspondent banks. Underlying the platform is Codex Chain, an EVM-equivalent Layer 2 blockchain purpose-built for stablecoin-native payments, embedded compliance, and fiat-compatible primitives.
Is Codex a public or private company?
Codex is a private company. It is classified as venture growth investor backed and is currently operating.
When was Codex founded?
Codex was founded in 2024. It employs 11 to 50 people.
Where is Codex based?
Codex is headquartered in New York, United States, in the North America region.
How does Codex make money?
One revenue line is on record: FX Spread and Transaction Fees.
Who are Codex's main competitors?
Direct peers on record are Zero Hash, Alchemy Pay, Bridge (Stripe), Transak and BVNK. Broad incumbents are Circle, Stellar Development Foundation, Ripple and Paxos. Plasma is listed as an emerging player.
Does Codex have an API?
Yes. Codex offers a Developer API that enables businesses to move stablecoins programmatically, simplifying automation and integration. The API powers Codex FX, allowing PSPs, fintechs, neobanks, and remittance companies to access wholesale FX rates, sub-30-minute settlement, and emerging market currency coverage programmatically. Developer documentation is at docs.codex.xyz.
What industry is Codex in?
Codex's product category is Cross-border Payments Infrastructure. Its primary akta.pro industry code is FSADADAF, Stablecoin Payment Rails & Settlement Networks (Issuer-Led), with a secondary code of FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms. Its NAICS code is 5231 and its SIC code is 6200.