Codex Raises $15.8M to Accelerate Stablecoin Adoption for Businesses

Investors Dragonfly Capital, Circle Ventures, and Coinbase Ventures back Codex’s vision of a universal electronic cash system.

NEW YORK – April 1, 2025 – Codex today announced it has secured $15.8 million in funding from Dragonfly Capital, Circle, and Coinbase Ventures. 

Codex is on a mission to build the oldest and most ambitious dream in crypto: a universal electronic cash system. Its initial products are focused on enabling businesses to adopt stablecoins cheaply, easily and safely.

Today, stablecoin usage by businesses remains complicated, expensive, and fragmented, forcing companies to piece together ad hoc solutions originally built for speculative crypto trading. Codex believes stablecoins should be easy, reliable, and cost-effective, enabling businesses to seamlessly integrate crypto into their financial operations without the headaches of volatility, excessive fees, complex wallets, or incompatible block explorers.

Codex solves these challenges by custom building every layer of the stack — from API to FX to the chain level — so that they are fit for business use.

• Codex Chain: A blockchain purpose-built for stablecoin finance, optimized for security, predictability, and efficiency.
• Codex API: Enables businesses to move stablecoins programmatically, simplifying automation and integration.
• Codex FX: Provides global, wholesale stablecoin foreign exchange, delivering cost savings and operational ease.

Codex’s founders and core team combine deep crypto experience with a clear understanding of traditional business needs. Co-founder and CEO Haonan Li  previously led protocol economics, data science and governance at Optimism. His co-founder, Victor Yaw, grew up in the palm oil plantation, real estate development, and automotive business. His family owns one of the largest conglomerates in Southeast Asia. Completing the founding team is Momo Ong, a second-time entrepreneur and former Meta Product Manager with a physics background. The founding team is supported by talent from TikTok, Palantir, Coinbase, and Jane Street.

Rob Hadick, General Partner at Dragonfly, emphasized Codex's unique position: “The Codex team understood early on that existing blockchain solutions didn't address the real-world challenges faced by businesses. Codex bridges the gap between blockchain technology and practical business applications, unlocking immense value for enterprises worldwide. We're excited to partner with Codex to make this vision a reality.”

Codex’s mission-driven approach and innovative infrastructure have already attracted attention from major investors and businesses. Companies interested in adopting stablecoins for their operations or exploring partnership opportunities are encouraged to reach out directly.