IMMIX wants stablecoin FX to work beyond the dollar — and has $3.5M to try

IMMIX, a London-based trading firm that builds infrastructure for stablecoin exchanges, has raised $3.5 million to simplify cross-currency stablecoin payments. The company did not disclose the round type.

The startup is aiming at the least-served corner of the stablecoin market: conversions that don't involve the US dollar. IMMIX specialises in facilitating currency conversions beyond the dollar, an area the company describes as often characterised by high costs and complex FX requirements. Its pitch rests on high-frequency trading infrastructure and deep-learning models that help payment companies and stablecoin issuers price and execute stablecoin conversions, underpinned by institutional liquidity infrastructure intended to minimise the cost of multi-leg cross-border transactions.

That combination — trading desk mechanics plus machine learning — is a bet that pricing, not settlement, is the bottleneck for cross-currency stablecoin flows. Multi-leg transactions, where one stablecoin must be routed through several pairs before landing in the currency a merchant or customer actually needs, tend to accumulate spread and fees at every hop. IMMIX frames its liquidity access as the mechanism for compressing those costs.

The company was founded by Dr. Andrew Mann and Dr. David Twomey.

The $3.5M will go to three specific areas, according to the company: developing its AI-powered pricing engine, expanding available liquidity, and growing its partner distribution network. The distribution element matters for a business whose product only generates value when payment companies and issuers route flow through it — pricing improvements are worthless without volume.

The round was backed by Crane Venture Partners, BTSE and Portfolio Ventures. BTSE's presence on the cap table is notable for a company whose product is stablecoin exchange infrastructure; the exchange operator sits on the demand side of the market IMMIX is building for.

IMMIX joins a small group of firms trying to turn stablecoin rails into something usable for ordinary cross-border commerce rather than dollar-to-dollar transfers. The size of the cheque reflects how early that work still is: this is infrastructure spending on pricing models and liquidity, not a growth round aimed at customer acquisition at scale. Whether IMMIX can win the non-dollar corridors will depend on whether its models hold up against the spreads charged by the trading desks and liquidity providers that already dominate those pairs.

For now, the company has capital, a founding team with technical credentials, and a clearly stated build list. The next test is distribution.