Inside Codex’s plan to build a stablecoin-only settlement layer for payments in Africa
- Codex raised $15.8 million in a seed round led by Dragonfly Capital to build a blockchain focused solely on stablecoins.
- The startup aims to streamline cross-border payments in Africa, where traditional transactions are often slow and costly.
- Codex's blockchain operates as a Layer 2 solution on Optimism, optimizing for speed and lower fees while supporting major stablecoins like USDC and USDT.
Codex's focused approach on stablecoins could significantly enhance the efficiency of cross-border payments in Africa, a region plagued by financial inefficiencies. However, the success of this venture will heavily depend on navigating regulatory landscapes and ensuring widespread adoption among businesses accustomed to traditional systems. The potential for stablecoins to bridge decentralized and traditional finance in Africa is promising, but Codex must deliver on its ambitious goals to stand out in a competitive market.
