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      Home Featured

      Blockchain startup XREX raises $17M to boost cross-border trade

      XREX will use the funds to seek financial licenses in Singapore, Hong Kong, and South Africa, as well as to form partnerships with banks and financial organizations such as payment gateways.

      by Editorial Team
      August 24, 2021
      in Featured, Funding, News-Curated
      Reading Time: 4 mins read
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      XREX
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      Main Highlights

      • XREX, the Taipei-based firm announced today that it has received $17 million in pre-Series A investment led by CDIB Capital Group.
      • Part of the latest round will be used to seek financial licenses in Singapore, Hong Kong, and South Africa, as well as to form partnerships with banks and financial organizations such as payment gateways.
      • XREX, a blockchain TradeTech firm, assists merchants in emerging nations in speeding up international transactions by offering SaaS that facilitates digital asset transfer, banking, and trading.
      • XREX also runs a separate market called the XREX Exchange, which offers professional access to spot, futures, and options trading.

      A significant amount of the world’s trade is conducted in US dollars, posing challenges for firms in nations experiencing a dollar shortage. XREX, a blockchain firm, was founded to assist cross-border enterprises in emerging areas with solutions such as a payment escrow service and a crypto-fiat exchange platform.

      The Taipei-based firm announced today that it has received $17 million in pre-Series A investment led by CDIB Capital Group. SBI Investment (a subsidiary of SBI Holdings), Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, MetaPlanet Holdings, AppWorks, BlackMarble, New Economy Ventures, and Seraph Group also participated in the oversubscribed round. The most recent financing for XREX was a $7 million seed round in 2019.

      Part of the latest round will be used to seek financial licenses in Singapore, Hong Kong, and South Africa, as well as to form partnerships with banks and financial organizations such as payment gateways. “We deliberately sought to develop a regulatory-friendly cap table,” said XREX co-founder and CEO Wayne Huang. “It’s really difficult for a company like us to obtain funds from banks and public businesses, but as you can see, we did it on purpose this round, and we were successful.”

      XREX, a blockchain TradeTech firm, assists merchants in emerging nations in speeding up international transactions by offering SaaS that facilitates digital asset transfer, banking, and trading. XREX Circles is a fresh new social trading experience that allows you to interact with more people, build your network, and grow your company. Crypto trading is no longer a simply personal activity but is instead fueled by a vibrant community.

      XREX 1

      XREX Products

      “It’s really difficult for a company like us to obtain funds from banks and public businesses, but as you can see, we did it on purpose this round, and we were successful.”

      XREX, a blockchain TradeTech firm, assists merchants in emerging nations in speeding up international transactions by offering SaaS that facilitates digital asset transfer, banking, and trading. XREX Circles is a fresh new social trading experience that allows you to interact with more people, build your network, and grow your company. Crypto trading is no longer a simple personal activity but is instead fueled by a vibrant community.

      XREX also runs a separate market called the XREX Exchange, which offers professional access to spot, futures, and options trading. Huang’s previous business, anti-malware SaaS provider Armorize Technologies, was acquired by Proofpoint in 2013.

      Armorize examined source code to identify vulnerabilities, and many of its clients were developers in Bangalore and Chennai, so Huang spent a significant amount of time going there. XREX Crypto Services provide merchants, particularly those in regions with low US-dollar liquidity, with instruments to undertake digital fiat currency transactions.

      Merchants and their consumers sign up for XREX’s wallet, which incorporates a commercial escrow service called Bitcheck, in order to utilize the platform. It’s comparable to getting a standby letter of credit from a commercial bank, according to Huang, because purchasers may use it to ensure they’ll be able to make payments. Bitcheck employs digital currencies such as USDT and USDC, which are stablecoins tied to the US dollar.

      Merchants pay stablecoin to suppliers, and XREX holds the cash in escrow until the supplier shows evidence of shipment, at which point the payment is transferred to them. Users may utilize XREX’s crypto-fiat exchange to convert USDT and USDC to US dollars, which they can also withdraw and deposit through the site.

      XREX

      How XREX will use the funds?

      XREX’s financing will be used to grow its fiat currency platform, however, Huang stated that the company does not want to add too many cryptocurrencies “because we’re not made for crypto traders, we’re built for companies, and brand really matters to them.” Brand and compliance, so whatever the Comptroller of the Currency of the United States thinks is a decent stablecoin is what they’ll use.”

      Compliance and anti-money-laundering companies such as CipherTrace, Sum&Substance, and TRISA are among XREX’s partners. Part of XREX’s financing will go into expanding its security and compliance features, such as Public Profiles, which are required for customers, and use the Reputation Index to improve transparency.

      CDIB Capital Innovation Fund head Ryan Kuo stated in a statement announcing the funding, “CDIB was an early investor in XREX.” We were committed to increase our investment and lead this strategic round after witnessing the company’s rapid sales development and dedication to compliance.” 

      mm

      Editorial Team

      We at Appedus are a group of digital nomads aggregating, writing, and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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