Felix, a chat-based payment startup that allows its customers to send money internationally with WhatsApp messages, announced Wednesday it has partnered with Zero Hash to help it utilize the speed and ease of using stablecoins when facilitating money transfers.
"Through embedding Zero Hash’s infrastructure natively into the Felix service, Felix is able to control the front end customer experience," according to a statement. "While Zero Hash handles the end-to-end technical and regulatory compliant money movement on the back end; receiving and converting USD to USDC, and then sending to global partners instantly, who convert the USDC to the local currency, and send the funds to the receiver."
The use of stablecoins, especially for cross-border payments between organizations and people who struggle to utilize traditional banking and payment rails, is arguably the most popular application of crypto technology. The total market for stablecoins is nearing $180 billion, according to The Block's data dashboard.
Zero Hash, which offers tech to third-party retail brokers and fintech firms, and has worked with neobanks like MoneyLion and Wirex, in addition to payment processors such as Moonpay, Ramp and Transak. The firm is able to help any platform with the embedding of digital assets.
Felix is a cross-border payments firm that primarily helps Latinos in the U.S. send money abroad.
"By combining a familiar messaging application with stablecoin technology, we're not just transferring money, we're ensuring that more of the money that is sent goes to the recipient," Felix co-founder and CEO Manuel Godoy said in a statement. "Zero Hash’s seamless, connected and safe stablecoin infrastructure, abstracts the complexity for us, and means Felix can focus on building the best remittance experience, for the millions of Latinos sending money back home."
Zero Hash is a FinCen-registered money service business and a regulated money transmitter able to operate in 51 U.S. jurisdictions, according to the statement. Its backers include Point72 Ventures, Bain Capital Ventures, and NYCA. The startup has had significant success raising capital, including a $105 million Series D in 2022.
Earlier this year, Felix raised $15.5 million in Series A funding, according to a statement.
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