XREX, a Taiwan-based blockchain firm, introduced as we speak that it has raised $17 million within the pre-A funding spherical to broaden its fiat forex portfolio. The corporate can also be planning to type new partnerships with main monetary establishments and digital wallets.
The newest press launch shared by XREX highlights that the blockchain firm is aiming to make use of the recent funding to amass further licenses. In the previous couple of months, XREX helped the detection and prevention of assorted fraud rings.
The latest $17 million pre-A spherical was led by CDIB Capital Group, the consortium of world buyers consists of public-listed corporations, main banks, enterprise capital companies, and high fintech buyers from Asia, Europe, and the US.
Commenting on the funding announcement, Wayne Huang, CEO and co-founder of XREX, stated: “Our mission is to foster international monetary inclusion by leveraging blockchain. A lot of our staff members are from or have lived within the markets the place we serve. We keenly perceive the struggles confronted by many cross-border retailers who lack secure entry to US greenback liquidity.”
Along with CDIB, a number of different buyers together with SBI Funding, International Founders Capital, ThreeD Capital, E.Solar Enterprise Capital, Systex Company, Metaplanet Holdings, AppWorks, Black Marble, New Economic system Ventures, and Seraph Group additionally joined the pre-A spherical.
Based in 2018, XREX is headquartered in Taipei. The corporate closed its $7 million seed spherical in 2019. The seed funding spherical was led by AppWorks. Throughout the newest announcement, XREX talked about that the corporate is planning to drive monetary inclusion by fixing the greenback liquidity scarcity challenge in rising economies.
“XREX has proven above-expectation development since their commencement from our AW 17 accelerator batch in 2018. We’re thrilled to again them once more,” stated Joseph Chan, a Accomplice at AppWorks who serves on XREX’s board. “This spherical will speed up XREX’s functionality of mixing their unmatched cybersecurity experience with main compliance applied sciences to create a safer and cleaner ecosystem for crypto-enabled retailers, digital asset house owners, and entrepreneurs.”