PEXX, a FinTech startup specializing in stablecoin-to-fiat payment platform, announced today that it has closed a $4.5m seed funding round.
The funding round, which amassed $4.5m, was led by TNB Aura and saw participation from global early-stage VC Antler, as well as strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors.
PEXX’s innovative platform enables users holding stablecoins such as Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account anywhere in the world. The platform is designed to facilitate seamless cross-border transactions without the need for intermediaries, making it easier for individuals and businesses to transfer value globally.
Marcus Lim, CEO and founder of PEXX, said, “We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform.
“The growth for stablecoins is exponential and we expect to see the demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years.”
The fresh capital will be utilized to enhance the company’s engineering and product teams. Additionally, it will aid in expanding marketing and business development efforts, starting in Southeast Asia.
EMO Capital will also support PEXX in Web3 marketing, branding, and strategic partnership efforts.
Angelina Tu, co-founder at EMO Capital, said, “While many are building to bring traditional Internet users into the Web3 world, PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world, giving everyone a swift and easy access to converting their digital assets into their everyday purchases. This is what everyone in the Web3 world needs and where PEXX finds EMO’s staunch support.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
