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Polytope Labs today launched HyperFX, a fully onchain FX engine that lets businesses swap currencies in seconds using stablecoins, with atomic settlement enforced by smart contracts on the blockchain. HyperFX is live now, settling its naira leg in cNGN, a regulated naira-backed stablecoin.
Nigeria’s FX market runs largely on informal markets. Rates are quoted in WhatsApp groups, sourced through P2P, and negotiated over word-of-mouth desks. It’s built on trust, but trust doesn’t scale. HyperFX pulls FX out of manual desks into a single, efficient stablecoin marketplace. Stablecoin settlement removes the need for prefunded capital and clears in seconds rather than days. We are in the period where stablecoins are scaling from being just a cryptocurrency for traders into the better version of FX infrastructure.
“HyperFX brings frontier DeFi technology to fintechs that already rely on stablecoins and blockchain technology for FX settlement. It functions essentially as a cross-chain DEX with the deepest liquidity for stablecoin swaps,” said Seun Lanlege, Founder and CEO of Polytope Labs.
HyperFX is built on Hyperbridge, which has already moved $500m+ across 15+ connected chains using cryptographic proofs, giving HyperFX the track record and scale to handle the heavy demands of FX settlement.
