Miami-headquartered startup XFX announced on March 26, 2026 a $17 million Series A funding round. XFX provides foreign exchange infrastructure for businesses converting between fiat currencies and stablecoins. Castle Island Ventures led the round, with participation from Haun Ventures and Coinbase Ventures.
Funding Overview
XFX, a foreign exchange startup, secured $17 million in Series A funding. This marks XFX’s latest capital raise after a $9 million seed round. Haun Ventures and Coinbase Ventures also participated in that seed investment in XFX. Santiago Alvarado, XFX cofounder and CEO, did not disclose the Series A valuation. Chris Ahn, a partner at Haun Ventures, stated that XFX builds FX and payment infrastructure matching stablecoin speeds. XFX plans to use the funds to hire quantitative traders and expand relationships with trading desks and banks.
About the Company
XFX enables efficient exchanges between fiat currencies and stablecoins, particularly for large-scale, high-speed business transactions. Founded in 2025, XFX operates from Miami. The company supports swaps between stablecoins and three fiat currencies: U.S. dollar, Mexican peso, and Colombian peso.
XFX focuses on deep liquidity in these currencies to minimize price impacts from trades. Its “engine” matches buyers and sellers of currency efficiently. Clients include financial institutions, money transmitters, and crypto exchanges. XFX cofounders met at Bitso, a Latin American cryptocurrency exchange.
- Santiago Alvarado: Cofounder, CEO; former civil engineer turned fintech founder.
- Jason Losh: Cofounder; longtime developer who led a 300-person team at Bitso.
- Alberto Sánchez Tello: Cofounder; worked at Deutsche Bank, UBS, and BlackRock.
At Bitso, the cofounders faced delays converting stablecoins to Latin American fiat like the Mexican peso. Crypto trades settle in seconds, while bank transfers take days. XFX addresses this by optimizing volume processing with minimal capital, per Alvarado.
Investors
- Castle Island Ventures led the Series A round for XFX. The firm specializes in stablecoin investments.
- Haun Ventures participated in XFX’s Series A and prior seed round.
- Coinbase Ventures joined both XFX’s Series A and $9 million seed round.
Market Context
Stablecoins represent a growing fintech sector. Stablecoins facilitate cross-border payments and lower fees compared to traditional methods. Venture capitalists invested hundreds of millions in stablecoin startups over the past year. Examples include Zerohash, Rain, and KAST. Mastercard agreed last week to acquire BVNK, a London-based stablecoin company, for up to $1.8 billion. This marks the largest deal to date in the stablecoin space. XFX operates amid rising interest in stablecoin infrastructure for high-speed, large-scale foreign exchange.
