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.
