Crypto Firm XanPool Raises $4.3M USD In Series Pre-A Financing
FinTech firm XanPool has raised $4.3 million in a Pre-A financing round led by blockchain technology and service provider OK Group, alongside Hashkey and Gumi Cryptos.
Based in Hong Kong, XanPool software allows anyone to seamlessly enable Crypto to Fiat on or offboarding. Instantly executing and settling transactions without taking custody of customer funds. The firm’s unique C2C software solution and liquidity network makes the onboarding and offboarding infrastructure in crypto much more user friendly, and resilient against existing infrastructure dependency (such as bank partners). XanPool allow institutions and retail to on and off board regardless of their infrastructural limitations. XanPool currently has over 75,000 transacting users in over eight South East Asian countries.
The latest funding will be used to spearhead XanPool’s infrastructure expansion into the eastern hemisphere.
“The Eastern Hemisphere has seen massive adoption of digital payments; we think XanPool’s first-principles reconsideration of crypto on and offboarding infrastructure can drive massive efficiency in the Asian ecosystem,” said Estrella Du, a representative from OK Group’s Investment Department. “OK Group is excited to partner with XanPool in building the next generation payment infrastructure.”
Jeffery Liu, Chief Executive Officer at XanPool, said thate their aim is to build the most affordable infrastructure for the processing and of cryptocurrency, and routing of local currency; the money raised will allow them to expand beyond Southeast Asia and reach out to a wider group of users on the Eastern Hemisphere.
“Besides our geographical expansion, one of the focus areas for our next few quarters will be the traditional-online merchant payment space,” Liu said.”Merchants across Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure. Cryptocurrencies can enable instant, peer-to-peer cross-border routing and settlement, cutting out the middle men. Imagine a Pakistan merchant accepting Hong Kong dollars with FPS and receiving Rupees through IBFT within a few minutes.”
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