New Infrastructure Reduces Settlement Devaluation Risk for Argentine Businesses, Creates Stability in Global Trade
OpenFX, the foreign exchange (FX) infrastructure company modernizing the way institutions move money around the world, announced the launch of support for the Argentine peso on its revolutionary cross-border payments platform, creating a modern financial bridge to global markets. This marks OpenFX’s third expansion into Latin America, giving domestic companies faster access to global FX markets while enabling international firms to convert currencies into Argentine pesos in near-instant fashion.
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OpenFX’s move to support the Argentine peso follows its recent expansion into Mexico, Brazil, and USD 23 million funding round led by Accel.
“Argentina’s entrepreneurs and exporters have proven their resilience by embracing innovation, including stablecoins and digital trade solutions,” said Prabhakar Reddy, OpenFX Founder and CEO. “But the global productivity of the country’s businesses is constantly challenged by an outdated financial system that creates uncertainty and traps value. With OpenFX, Argentine companies can compete globally and scale faster with stable, modern infrastructure that makes capital flow as fast as commerce itself.”
Despite Argentina’s status as the third-largest economy in Latin America, with a USD 620 billion GDP and nearly USD 80 billion in exports, businesses still see ambitions slowed by a combination of international challenges with the existing correspondent banking system and domestic economic headwinds in the form of inflation and strict capital controls.
By unlocking cross-border liquidity, Argentine companies and organizations transacting in the Argentine peso can better serve both domestic audiences and global partners, empowering them to compete more effectively on the international stage.
Modern Infrastructure for the Modern Argentinian Economy
Over the last year, OpenFX has already achieved USD 16 billion in annualized cross-border volume, making a significant, direct impact on its clients’ operations. With this expansion, OpenFX is bringing its proven capabilities to Argentina, including:
- Up to 99% Faster Settlement: Most transactions settle within 60 minutes compared to the regional standard of 1-3 business days.
- Up to 90% Cost Reduction: Capital-efficient technology and a proprietary payment rail slash fees from percentage points to basis points, freeing up company cash flows.
- 24/7/365 Availability: Unlike traditional FX markets, which close evenings and weekends, OpenFX operates around the clock, unlocking new possibilities for global business and urgent cross-border needs.
- Cutting-Edge Transparency and Security: Real-time APIs, advanced settlement technology, and predictive analytics ensure optimal routing, compliance, and reliability, even in highly regulated environments.
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