Home Crypto Taiwan’s Blockchain Startup XREX Completes $17M Pre-A Round Funding

Taiwan’s Blockchain Startup XREX Completes $17M Pre-A Round Funding

Taiwan’s blockchain startup firm XREX, which focuses on fiat cryptocurrencies, introduced the completion of a Pre-A spherical of financing led by CDIB Capital Group with $17 million in whole.

The digital monetary expertise firm stated that the financing can be used to broaden the corporate’s authorized forex portfolio and develop partnerships with extra firms that present digital wallets and put together for compliance accordingly.

According to XREX’s official report, the oversubscription financing exceeded expectations by 200%. Other buyers embrace SBI Investment, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group.

The CEO and Co-Founder of XREX, Wayne Huang, mentioned:

“Originally we had been concentrating on solely $5 million to $8 million, which might give us sufficient of a buffer to cushion any COVID-caused uncertainty and to have sufficient income to do a Series A. But traction continued to develop, and buyers had been very supportive, so we grew to become oversubscribed and determined to extend the spherical dimension.”

Wayne Huang additionally said that “Our mission is to foster international monetary inclusion by leveraging blockchain.”

Therefore, the blockchain TradeTech firm XREX has been actively partnered with native regulators and monetary establishments to launch BitCheck and MyXchange and different instruments to assist companies and small and medium enterprises in rising markets and swap into {dollars} to scale back overseas trade losses.

XREX revealed that it will additionally launch a person repute index subsequent yr to reinforce transactions’ safety, transparency, and accountability. Its platform has turn out to be probably the most safe encrypted fiat forex platforms on the planet.

In this yr, XREX efficiently detected and prevented assaults by fraudulent teams from Russia and Nigeria.

Image supply: XREX

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