Codex
Codex PBC
Codex is a startup building Codex Chain, an Ethereum Layer 2 blockchain built on the OP Stack and optimized for stablecoin payments, FX and settlement, alongside its Codex FX product for 24/7 fiat-stablecoin conversion and stablecoin swaps. Unlike general-purpose chains, it treats stablecoins as first-class assets (gas payable in USDC). It raised $15.8M in a 2025 seed round led by Dragonfly with Coinbase Ventures, Circle Ventures and Wintermute Ventures.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Not disclosed |
| Stablecoins | USDC, USDT |
| Custody model | non-custodial |
| Customer type | Fintech, Developers, Enterprise, Platforms |
| Fund custody | Self-custody (funds in your control) |
| Supported countries | US, EEA, APAC |
| Segment | B2B |
| MiCA / License status | Not disclosed |
Strengths
- Layer 2 purpose-built for stablecoin payments and settlement (gas payable in USDC).
- Notable backing: $15.8M seed with Dragonfly, Coinbase Ventures, Circle Ventures, Wintermute.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
Weaknesses
- Early-stage project: recently introduced network and FX product, adoption to be proven.
- B2B infrastructure: not directly accessible to end consumers.
- No notable sovereignty drawback documented.
Verdict
Score 3.4/5, solid profile. In its favour: layer 2 purpose-built for stablecoin payments and settlement (gas payable in USDC). The trade-off to weigh: early-stage project: recently introduced network and FX product, adoption to be proven.
On the Sovereignty lens the score is 5.0/5 (outstanding): the strength is fund control (5.0/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Can an individual use Codex?
No. Codex is infrastructure (Layer 2 + FX service) aimed at fintechs, payment processors and FX desks, not an end-consumer product.
Does Codex custody user funds?
Codex Chain is a non-custodial blockchain: funds stay on-chain in users' wallets; the FX service handles fiat-stablecoin conversion for business clients.
Sources
- Official service page Data verified on Jul 17, 2026
- cointelegraph.com Data verified on Jul 17, 2026
- theblock.co Investors Data verified on Jul 17, 2026