Polytope Labs today launched HyperFX, a fully onchain FX engine that lets businesses swap currencies in seconds using stablecoins, with atomic settlement enforced by smart contracts on the blockchain. HyperFX is live now, settling its naira leg in cNGN, a regulated naira-backed stablecoin.
Nigeria’s FX market runs largely on informal markets. Rates are quoted in WhatsApp groups, sourced through P2P, and negotiated over word-of-mouth desks. It’s built on trust, but trust doesn’t scale. HyperFX pulls FX out of manual desks into a single, efficient stablecoin marketplace. Stablecoin settlement removes the need for prefunded capital and clears in seconds rather than days.
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