IMMIX, a trading firm focused on stablecoin conversion between currencies, has announced US$3.5 million in funding from Crane Venture Partners, BTSE, and Portfolio Ventures. The company develops institutional infrastructure that helps payment companies exchange stablecoins, with particular attention to markets beyond the US dollar. The new capital will be used to advance its pricing engine, broaden available liquidity, and expand its partner distribution network.
Addressing Stablecoin FX Complexity
Outside the dollar, stablecoin conversion often requires multiple foreign exchange trades because fewer buyers and sellers are available. A single transaction can break into three or four separate FX trades, each adding cost and tying up balances across providers. IMMIX combines an AI-powered pricing engine with institutional liquidity infrastructure to price and execute these conversions more efficiently.
Founder Statement on Payment Certainty
Dr Andrew Mann, co-founder of IMMIX, said payment businesses need certainty about what their customers will receive and reliable access to currency conversion whenever money moves. He explained that the company combines years of experience building high-frequency trading systems for institutional clients with AI pricing. The goal is to lower the cost and complexity of stablecoin FX, particularly beyond the dollar.
Investor Perspectives
Crane Venture Partners co-founder and partner Krishna Visvanathan said the firm saw an important problem early, particularly beyond the dollar, and brings technical expertise with real-world trading experience. BTSE chief operating officer Jeff Mei described the next wave of stablecoin growth as dependent on facilitating flows between FX and crypto markets at scale. Both investors emphasized the need for high-performance infrastructure that combines AI-driven pricing with institutional-grade execution.
Leadership and Technical Credentials
IMMIX is led by Dr Andrew Mann and Dr David Twomey, who both hold PhDs from University College London's Computer Science department. The founders have held quantitative roles at Morgan Stanley, JP Morgan, and Virtu Financial, bringing extensive institutional trading experience to the company. Their deep-learning models forecast market conditions across thousands of instruments to support pricing decisions.
Market Context for Stablecoin Payments
Stablecoins can move between digital wallets around the clock, but payment firms still need to convert between the assets they hold and the currencies their customers require. In non-dollar markets, limited liquidity can force providers to split a single conversion into multiple FX trades, increasing operational burden. IMMIX addresses this gap by offering tools designed for stablecoin issuers, payment providers, and trading venues.
Traction and Partner Access
Since 2024, IMMIX's systems have processed more than US$25 billion in customer trading volume, indicating substantial early adoption. The company is inviting payment service providers, money transfer operators, stablecoin issuers, trading venues, and platforms to discuss their FX needs. Partners can connect directly by request-for-quote, stream prices over API, or access pricing on public venues, including centralized and decentralized exchanges.
Distribution and Integration Options
Distribution through third-party platforms is currently in development, extending IMMIX's reach beyond direct connections. Currency coverage, trade size, and settlement terms are agreed with each partner to match specific operational needs. This approach allows payment firms to integrate IMMIX pricing into existing workflows, supporting diverse use cases across cross-border payments without standardizing every parameter.
With its new funding, IMMIX aims to reduce the cost and complexity of stablecoin foreign exchange, especially in underserved non-dollar markets. The company's focus on AI-driven pricing and institutional execution positions it to support payment businesses that need reliable currency conversion around the clock. As stablecoin adoption grows, infrastructure that connects crypto liquidity with real-world payment flows is likely to become increasingly important.