Cryptocurrency-to-fiat infrastructure supplier XanPool continues increasing operations within the Asia-Pacific area by securing contemporary funding.
The Hong Kong-based startup raised $27 million in a Series A funding spherical led by Valar Ventures, a enterprise capital agency co-founded by PayPal co-creator Peter Thiel.
Other taking part buyers included crypto-focused enterprise capital agency CMT Digital alongside angel buyers similar to TransferWise co-founder Taavet Hinrikus, XanPool announced Friday.
Running operations in 13 nations throughout the Asia-Pacific area, XanPool is trying to additional consolidate its presence with new funding. Jeffery Liu, CEO of XanPool, informed Cointelegraph that the startup operates in nations like India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan.
“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu famous.
Since its launch in March 2019, the platform has thus far amassed over 500,000 customers and 400 enterprise companions, in accordance to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO stated.
XanPool is a peer-to-peer crypto-to-fiat platform and liquidity community counting on the liquidity of its contributors. The platform deploys unused cash by people and companies to settle cross-currency and cryptocurrency transactions, decreasing the counterparty threat and prices and in addition permitting liquidity suppliers (LPs) to earn up to 2% on their idle capital.
Liu informed Cointelegraph that the startup is operating software program comparable to that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” he famous.
“Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet,” the CEO stated. Liu burdened that Xanpool by no means touches cash in people’ or companies’ wallets.
“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee,” the chief stated.
The newest funding brings XanPool’s whole quantity raised to round $32 million, together with earlier funding by particular person buyers. The firm raised $4.3 million in a pre-Series A financing spherical in November 2020 together with its official launch.