Taiwanese blockchain TradeTech firm XREX has closed a $17m funding round led by investment firm CDIB Capital Group and several big-name investors.
The pre-Series A round saw participation from SBI Investment – subsidiary of SBI Holdings, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures and Seraph Group.
The company will use the funding to expand its fiat currency portfolio, acquire additional licenses and forge partnerships with more financial institutions and digital wallets.
Co-founded by Wayne Huang and Winston Hsiao, XREX is a crypto-fiat FinTech company which has worked with local regulators and financial institutions to ìcreate tools such as BitCheck and MyXchange to help merchants and SMEs in emerging markets reduce forex loss, gain access to US dollars and cross over from informal to formal economy. Capitalizing on a series of new features including their mandatory User Public Profile as well as their Risk Level Detector features, XREX the company roll out a user Reputation Index next year to bolster safety, transparency and accountability while encouraging social networking.
Recognising compliance is core to digital currency adoption, XREX partners with several leading compliance and anti-money laundering providers such as CipherTrace, Sum&Substance and TRISA.
Huang said, “Our mission is to foster global financial inclusion by leveraging blockchain. Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.”
The funding comes after the company closed its $7m seed round in 2019 led by AppWorks with participation from late Skype co-founder Toivo Annus, Metaplanet Holdings, Black Marble, CCG and others.
AppWorks partner and member on XREX’s board Joseph Chan added, “This round will accelerate XREX’s capability of combining their unmatched cybersecurity expertise with leading compliance technologies to create a safer and cleaner ecosystem for crypto-enabled merchants, digital asset owners, and entrepreneurs.”
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