Cryptocurrency-to-fiat infrastructure supplier Xanpool continues increasing operations within the Asia Pacific (APAC) by securing contemporary funding.
The Hong Kong-based startup raised $27 million in a Collection A funding spherical led by Valar Ventures, the enterprise capital agency co-founded by PayPal co-creator Peter Thiel.
Different taking part traders included crypto-focused enterprise capital agency CMT Digital in addition to angel traders like TransferWise co-founder Taavet Hinrikus, Xanpool introduced Friday.
Working operations in 13 international locations throughout APAC, Xanpool is seeking to additional consolidate its presence within the area with new funding. Xanpool CEO Jeffery Liu informed Cointelegraph that the startup operates in international locations like India, Hong Kong, 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 up to now amassed over 500,000 customers and 400 enterprise companions, based on 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 a liquidity community counting on the liquidity of its members. 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 as much as 2% on their idle capital.
Xanpool CEO informed Cointelegraph that the startup is working software program just like that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu famous.
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“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 careworn that Xanpool by no means touches cash on 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 manager stated.
The most recent funding brings XanPool’s complete raised to round $32 million, together with earlier funding by particular person traders. The corporate raised $4.3 million in a pre-A financing spherical final November along with its official launch.