Dragonfly Capital has led a $15.8 million seed round for Codex, a blockchain developer focused on stablecoins. The round, which included participation from Coinbase Ventures, Circle Ventures, and others, was structured as equity with warrants for Codex's future token. Dragonfly contributed $14 million, according to partner Rob Hadick.
Codex plans to utilize the funds to develop a layer-2 blockchain on Optimism, specifically optimized for stablecoins. This strategic move aligns with the growing interest in stablecoins within the crypto industry. Co-founder Haonan Li emphasizes that their blockchain aims to offer stable fees and enhanced transaction confidentiality, setting it apart in the competitive market.
Codex plans to utilize the funds to develop a layer-2 blockchain on Optimism, specifically optimized for stablecoins. This strategic move aligns with the growing interest in stablecoins within the crypto industry. Co-founder Haonan Li emphasizes that their blockchain aims to offer stable fees and enhanced transaction confidentiality, setting it apart in the competitive market.