Codex, the startup behind an enterprise-focused blockchain for stablecoins, raises $15.8 million in Dragonfly-led seed round

Codex, a development company building a dedicated blockchain for stablecoins directed towards enterprise use cases, has raised $15.8 million in seed funding in a round led by Dragonfly Capital, according to an announcement on X. Other big names that participated included market makers Cumberland and Wintermute, as well as the co-creators of USDC, Coinbase, and Circle. Codex’s bespoke stablecoin network is built as an Ethereum Layer 2 using Optimism’s tech stack. Co-founder Haonan Li previously served as an Optimism developer while his partner Momo Ong worked at Meta before founding his own startup. “What is preventing mainstream adoption? UX friction. Incompatibility with existing company workflows. Trust and reliability. Cost. Regulations. Businesses have to jerry-rig together a set of random products originally designed for gambling on crypto,” Ong said on X. “To fix these problems, we set out to build Codex — a stablecoin ecosystem fit for business use.”To meet institutional needs, Codex is designed to keep certain transaction details private and maintain predictably low fees. The team is also forging relationships with exchanges and other off-ramps for fiat conversions. “Businesses can't rely on a patchwork of disconnected crypto tools. They need reliability, compliance, deep liquidity, and seamless UX that crypto can't yet deliver,” Dragonfly co-founder Haseeb Qureshi said. “Built from the ground up as a stablecoin ecosystem designed for enterprise use, Codex brings the trust, connectivity, and regulatory clarity for real-world corporate adoption at scale.”Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.