HyperFX, a foreign exchange settlement platform developed by blockchain infrastructure company Polytope Labs, has been added to Monierate, an exchange-rate data l that tracks rates from ĺmultiple providers.
The addition brings HyperFX into a comparison platform that covers providers across the foreign exchange, stablecoin and digital-asset markets.
Monierate said its platform currently tracks rates from more than 90 providers and exchanges. The company was founded in 2023 by Jeremy Ikwuje and Olayinka Omoniyi.
The latest addition comes as technology companies continue to develop alternative infrastructure for moving and exchanging currencies, particularly across borders.
HyperFX is focused on foreign exchange settlement using blockchain-based infrastructure. The platform is designed for businesses and fintech companies rather than primarily for retail users.
Polytope Labs launched HyperFX in 2026. The platform uses stablecoins to facilitate currency swaps, with its naira settlement leg using cNGN, a naira-backed stablecoin.
The model places HyperFX within a growing segment of the financial technology industry exploring stablecoins as infrastructure for cross-border transactions and foreign exchange settlement.
For Monierate, the addition is part of its broader effort to bring rates from different providers into a single data platform.
“Markets like Africa don’t lack rates; they lack a single, trustworthy view of them,” Ikwuje, co-founder of Monierate, said. “We’re building the reference layer for what currencies are actually trading at, in real time, across relevant providers.”
Ikwuje said the company was seeking to cover rates that may not be represented on traditional financial data platforms.
The usefulness of such comparison platforms depends largely on the number and type of providers covered, as well as the quality and frequency of the data they collect.
Nigeria’s foreign exchange market has also become increasingly digital, with banks, fintech companies, cryptocurrency exchanges and peer-to-peer markets operating alongside one another. Differences in pricing between providers can make the cost of converting or transferring money vary depending on where a transaction is conducted.
The emergence of stablecoin-based infrastructure adds another layer to that market. Businesses involved in international payments can now access different models for converting, transferring and settling currencies, although the regulatory treatment of individual products and services remains an important consideration.
HyperFX’s use of cNGN also brings the platform into Nigeria’s developing stablecoin ecosystem. cNGN is a naira-backed digital token designed for transactions involving the Nigerian currency. Users and businesses of financial services remain subject to the regulatory requirements applicable to the services they provide.
Being included on Monierate does not constitute an endorsement of HyperFX. The listing simply makes its available rates part of the data displayed alongside those of other providers.
The broader significance of the development lies in the growing number of digital platforms participating in Nigeria’s currency market and the emergence of tools designed to make their rates easier to compare.
For users and businesses, the question is increasingly not only where to exchange currency, but how the price offered by one provider compares with alternatives available at the same time.
