Taiwan-based XREX announced that it has closed $17 million in a pre-A funding round. The company that aims at boosting financial inclusion through blockchain, XREX will be using the capital for expanding its fiat currency portfolio, get into more partnerships with digital wallets and financial institutions and acquire additional licences.
The crypto-fiat financial technology startup said that the latest funding round was oversubscribed by 200%. The funding round was led by CDIB Capital Group that comprises several listed organizations, venture capital companies, major banks and some fintech investors from Canada, Singapore, Japan, Hong Kong, Taiwan, Germany, Estonia and the United States.
Head of CDIB Capital Innovation Fund, Ryan Kuo said that CDIB was an early investor in XREX. After witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round,” he added.
Other investors in XREX’s most recent funding round are (in no particular order) Global Founder Capital, SBI Investment, E.Sun Venture Capital, ThreeD Capital, Metaplanet Holdings, Systex Corporation, New Economy Ventures, AppWorks, Seraph Group and Black Marble.
A little about XREX
Headquartered in Taipei and founded in 2018, XREX is a cryptocurrency-fiat financial tech startup that has the mission of driving financial inclusion. Essentially, XREX has developed groundbreaking solutions that help SMEs make cross-border payments.
The company aims to do so by providing a solution to the “dollar liquidity shortage” issue in emerging economies. The company is powered by its team of leading experts in cryptocurrency, blockchain, compliance, cross-border payments and fintech.
The XREX team has worked with the local regulators as well as financial institutions. The company has pioneered tools like MyXchange and BitCheck in order to help SMEs and merchants in the markets reduce foreign exchange loss. This helps the merchants and SMEs get access to US dollars and cross over from informal to formal economy seamlessly.
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Comments on the latest funding round
The Chief Executive Officer and Co-Founder of XREX, Mr Wayne Huang is a globally-renowned cybersecurity expert. Mr Huang says that many of their team members have lived or are from the markets where XREX serves. The team has a keen and deep understanding of the struggles that are faced by cross-border merchants that don’t have access to safe US dollar liquidity.
Huang has been instrumental in developing some amazing blockchain-based solutions that are at present used in many emerging markets. In 2006, Huang founded Amorize Technologies – pioneering developer of cloud-based, anti-malware products that was later acquired by ProofPoint. At ProofPoint, Huang served as the Vice President of Engineering for 5 years before he founded XREX Inc. Moreover, Mr Huang is also a highly sought after presenter and speaker at blockchain and cybersecurity-centric conferences across the globe.
In the past 8 months, this crypto-fiat currency startup has successfully detected and prevented fraud rings from Nigeria and Russia from using its platform. This attests XREX as one of the safe crypto-fiat currency platforms worldwide. Capitalizing on a series of new useful features (including their mandatory User Public Profile and the Risk Level Detector), XREX now will be rolling out a user “Reputation Index” in 2022 in order to bolster transparency, safety and accountability.
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