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XREX, a crypto-fiat fintech firm, concluded its $17 million Pre-A round, which was 200 percent oversubscribed.
FREMONT, CA: XREX, a crypto-fiat fintech firm that uses blockchain to drive financial inclusion, has concluded its $17 million Pre-A round, which was 200 percent oversubscribed. The funds will be used to increase XREX's fiat currency portfolio, acquire new licenses, and form new collaborations with financial institutions and digital wallets.
The consortium of global investors, headed by CDIB Capital Group, consists of publicly traded corporations, major banks, venture capital firms, and leading fintech investors from the United States, Canada, Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan. The extensive participation of publicly traded corporations demonstrates XREX's dedication to regulatory compliance.
SBI Investment (a subsidiary of SBI Holdings, TYO: 8473), Global Founders Capital, ThreeD Capital (CSE: IDK), E.Sun Venture Capital (TWSE: 2884), Systex Corporation (TWSE: 6214), Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group are among the other investors in this Pre-A round. In 2019, XREX completed a $7 million seed round. AppWorks (lead), Skype's late cofounder Toivo Annus, Metaplanet Holdings, Black Marble, CDIB, WI Harper, BitoEx, and the Taiwan government's National Development Fund were among the investors in that round.
According to Ryan Kuo, Head of CDIB Capital Innovation Fund, CDIB was an early investment in XREX. They were committed to double their investment and lead this strategic round after seeing its rapid revenue development and dedication to compliance.
XREX CEO and cofounder Wayne Huang, a globally acknowledged cybersecurity expert, stated that the objective is to create global financial inclusion by leveraging blockchain. Several of the employees are natives of the markets in which they serve or have lived there. They are acutely aware of the difficulties faced by different cross-border merchants who do not have secure access to US currency liquidity.
XREX has developed solutions like BitCheck and MyXchange to enable merchants and SMEs in growing nations to decrease forex loss, acquire access to US dollars, and quickly shift from the informal to the formal sector by collaborating with local regulators and financial institutions.