XFX raises $17M Series A to build foreign exchange infrastructure for stablecoins and fiat currencies

XFX, a Miami-based startup founded in 2025 by three former Bitso employees, has raised $17M in a Series A led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures, both of which also backed the company's $9M seed round. The startup has built a currency matching engine focused on creating deep liquidity between the U.S. dollar, Mexican peso, and Colombian peso, serving financial institutions, money transmitters, and crypto exchanges that need to move between stablecoins and fiat at speed. XFX plans to use the new capital to hire quantitative traders and expand relationships with trading desks and banks, as stablecoin infrastructure continues to attract heavy venture investment following Mastercard's $1.8B agreement to acquire BVNK last week.