TL;DR
- Codex raised $15.8 million to build a blockchain focused on stablecoins, backed by Dragonfly, Coinbase, and Circle.
- The network is built on Optimism and aims for efficient transfers, stable fees, and direct fiat conversion with privacy features.
- The project, founded in 2023 by Haonan Li, seeks to solve the limitations of general-purpose blockchains with a stablecoin-centered solution.
Codex raised $15.8 million to develop a blockchain designed exclusively for stablecoins. The round was led by Dragonfly Capital, which contributed the majority of the capital, and included participation from firms such as Coinbase Ventures, Circle Ventures, Wintermute, Cumberland, and Selini Capital. The funding included both equity and rights to future, yet-to-be-launched tokens.
The project aims to optimize stablecoin usage through a specialized blockchain built on the Optimism infrastructure. Unlike general-purpose networks, Codex intends to provide higher operational efficiency for transfers. Its design seeks to maintain stable fees, avoid bottlenecks during periods of high activity, and facilitate crypto-to-fiat conversion through integrated channels.
Haonan Li, co-founder and CEO of the company, leads the initiative alongside Victor Yaw and Momo Ong. Li left a career in traditional finance to focus on developing solutions within the blockchain ecosystem. Before founding Codex in 2023, he participated in the launch of Optimism, where he collaborated with highly recognized figures in the industry. Since then, he argues that projects focused exclusively on stablecoins can address needs that general-purpose blockchains fail to meet with enough precision.
Codex: Technical Clarity and Better Execution
The team argues that multi-purpose systems lose effectiveness by trying to serve too many use cases. Codex opts for a structure focused from the beginning on a single goal: to enable stablecoin operations in a stable, fast, and optionally private way. To achieve this, it includes partial anonymity options for certain transactions, without losing the public nature of the network.
While other initiatives are exploring similar solutions, such as Plasma, investors see Codex as a proposal with greater technical clarity and better execution. Interest in this type of asset has also increased attention toward projects of this kind, as demonstrated by Stripe’s acquisition of startup Bridge for over $1 billion.
