OpenFX has acquired Global Ledger to launch multi-currency accounts targeting cross-border fintechs and digital asset firms. Transaction terms were not disclosed. Global Ledger founder Tyler McIntyre is joining OpenFX as Head of Banking as part of the deal, the company said in a press release.

McIntyre previously co-founded business neobank Novo, which served more than 300,000 businesses and was last valued at over $700 million. At OpenFX, he will lead the accounts product, expand the firm’s licensing footprint across key markets, and oversee API enhancements so that every account is fully programmable from launch.

The new multi-currency accounts will let customers pay businesses locally in their own currencies while allowing those businesses to hold incoming funds instead of auto-converting. OpenFX is initially rolling out named USD accounts transacting over ACH, Fedwire and SWIFT, with coverage into more than 100 countries and support for flows such as paying Indian suppliers via UPI or receiving USDC via vIBAN into a wallet.

These accounts are positioned as the second pillar of OpenFX’s embedded FX strategy, sitting alongside its liquidity product. Clients will be able to book FX conversions and hold the converted balances immediately within OpenFX, without moving funds to external banks or reconciling against third-party statements. The company’s settlement network currently supports more than 40 currency pairs, with most transactions completing in under an hour and operating 24/7.

The move is aimed in part at fintechs and crypto-facing businesses that struggle to secure and maintain traditional bank accounts. A survey by the UK Cryptoasset Business Council, Startup Coalition and Global Digital Finance found that half of crypto and Web3 respondents had been rejected by or offboarded from major banks, while only 14% opened an account they could keep, with many turning to what they viewed as riskier institutions.

“Traditional financial institutions often see payment companies as more risky than they are because they don’t fully understand the structure of their business, so their best answer is to de-bank them,” said Prabhakar Reddy, founder and CEO of OpenFX. “We already move billions of dollars for these companies every day. We know these flows well, which is why we can provide them with more reliable service.”

“Stablecoins are the first payment rail that works instantly everywhere and never closes. The obvious thing to build on top of a rail like that is an account,” said McIntyre. “I started Global Ledger so a business could hold, send and receive money in any market as if it banked there. OpenFX had already built the settlement network and the liquidity product those accounts depended on.”

A waitlist for the new accounts is live, with the first 100 companies eligible for $30,000 in fee credits to offset migration costs. OpenFX, founded in 2024 by FalconX co-founder Prabhakar Reddy, operates across the U.S., UK, UAE and India, serving fintechs, neobanks, remittance providers and global payroll platforms.

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