Parallax to minimize barriers in cross-border payments, secures $4.5M in funding

The world of cross-border payments is notorious for its high costs, lengthy processing times, and hidden fees associated with currency conversion. Parallax has a new payment system for diverse currency types, including stablecoin, crypto, and even traditional currencies.

• What is Parallax? Established in 2020, Parallax has already secured a commendable $4.5M in seed funding. The startup aims to facilitate remote workers and freelancers to receive payments from abroad, a valuable service considering the growing trend of remote working.

• How Does It Work? Employing blockchain technology, Parallax caters to users from over 150 countries, offering near-instantaneous money transfers.

• Who's Got Their Back? Their seed funding round garnered support from Dragonfly Capital, Circle Ventures, General Catalyst, and a host of angel investors.

• The Founder's Vision: Parallax CEO Mika Reyes, having personally experienced the issues remote workers face when getting paid, acknowledges the speed and cost-effectiveness that crypto offers. However, she also recognizes the challenges associated with understanding and setting up crypto wallets. Parallax aims to minimize these barriers and create a more intuitive user experience.

• Unique Features: Parallax enables users to open a USD virtual account to receive USD. It also allows conversion into local currencies, like Philippine pesos, with future plans for more currency rollouts.

• Future Plans: Parallax has experienced considerable growth and has already attracted organic interest from users in Latin America and Africa.

The recently acquired funding will aid in further expansion and team growth.