Parallax offers a cross-border payments system that can move stablecoins, crypto and traditional currencies to reduce wait times, fees and exchange markups. Its first product lets users open a USD virtual account to receive USD from anywhere (excluding sanctioned countries) and convert USD into local currencies before cashing out to local banks or digital wallets like GCash and PayMaya. The company uses blockchain rails to speed transfers and provides an end-to-end customer experience that does not require users to be familiar with crypto. Initially focused on paying remote workers and freelancers, Parallax plans to expand into remittances and other use cases and to broaden currency support. The startup reports 202% average month-over-month growth and organic interest from Latin America and Africa. Funding will be used for hiring and building more infrastructure to enable faster, cheaper payments.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Sep 2023