Taipei, Taiwan, Aug 22, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) XREX, a crypto-fiat fintech firm promoting financial inclusion via blockchain, has closed its $ 17 million pre-A round, which was 200% oversubscribed. XREX will use the funding to expand its fiat currency portfolio, acquire additional licenses and forge partnerships with more financial institutions and digital wallets.
Picture available Wayne Huang (right) and Winston Hsiao (left), crypto-fiat financial technology firm XREX managed to raise $ 17 million in their pre-A round.
Led by CDIB Capital Group (TWSE: 2883), the global investor consortium includes publicly traded companies, major banks, venture capitalists and leading FinTech investors from the United States, Canada , Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan. The strong participation of publicly traded companies underscores XREX’s commitment to comply with regulators.
Other investors in this pre-A cycle also include SBI Investment (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. XREX closed its $ 7 million round in 2019. Investors in that round included AppWorks (lead), the late Skype co-founder, Toivo Annus, Metaplanet Holdings, Black Marble, CDIB, WI Harper, BitoEx and the Government of Taiwan’s National Development Fund.
“CDIB was one of the first investors in XREX,” said Ryan Kuo, head of the CDIB Capital Innovation fund. “After witnessing the company’s rapid revenue growth and commitment to compliance, we were determined to double our investment and lead this strategic cycle. ”
“Our mission is to foster global financial inclusion by leveraging blockchain,” said Wayne Huang, CEO and Co-Founder of XREX, an internationally renowned cybersecurity expert. “Many of our team members are originally from or have lived in the markets where we serve. We fully understand the difficulties faced by many cross-border traders who do not have secure access to US dollar liquidity. “
Working with local regulators and financial institutions, XREX has developed tools such as BitCheck and MyXchange to help merchants and SMEs in emerging markets reduce currency losses, access US dollars and switch safely. transparency from the informal economy to the formal economy.
Capitalizing on a successful series of new features, including their mandatory public user profile as well as their risk level detector features, XREX will roll out a User Reputation Index next year to enhance security, transparency and accountability. responsibility while encouraging social networks.
Over the past eight months, XREX has been successful in detecting and preventing fraud networks in Russia and Nigeria from using the platform, proving that XREX is one of the most popular crypto-fiat currency platforms. safe in the world.
“Helping entrepreneurs succeed is a priority for us,” said Yoshitaka Kitao, Representative Director and President of SBI Investment. “We believe that XREX solutions open the door for underserved traders to participate in global trade on an equal basis.”
Jerry Horng, President of Black Marble Capital Management and Member of the Board of Directors of XREX, said: “We have been an early investor in XREX and we are delighted to continue our support in this cycle. XREX is uniquely positioned to connect Taiwan’s mature banking industry with the booming cross-border commerce currently seen in emerging markets.
Recognizing that compliance is at the heart of digital currency adoption, XREX partners with several leading compliance and anti-money laundering providers such as CipherTrace, Sum & Substance and TRISA.
“XREX has shown above-expected growth since its release from our AW # 17 Accelerator Bundle in 2018. We are delighted to support them again,” said Joseph Chan, Partner at AppWorks and Member of the Board of Directors of XREX. “This cycle will accelerate XREX’s ability to combine its unparalleled cybersecurity expertise with leading compliance technologies to create a safer and cleaner ecosystem for merchants, digital asset owners and entrepreneurs with the cryptography. “
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Founded in August 2018 and based in Taipei, XREX Inc. is a crypto-fiat financial technology company whose mission is to foster financial inclusion by solving the problem of dollar liquidity shortage in emerging economies. Armed with a team of world-renowned compliance, cryptocurrency, blockchain, fintech, and cross-border payments experts, XREX offers innovative solutions to help cross-border SMEs compete on a level playing field. Follow XREX on Twitter, Facebook, Medium and LinkedIn.
ABOUT THE CO-FOUNDERS
Chief Executive Officer
Wayne Huang is an internationally renowned cybersecurity expert who is instrumental in the development of innovative blockchain-based solutions currently in use in several emerging markets. He founded Amorize Technologies in 2006, a leading developer of cloud-based anti-malware (SaaS) products which was later acquired by ProofPoint (NASDAQ: PFPT), where he served as vice president of engineering for five years before founding XREX Inc. Huang is a much sought-after speaker and presenter at cybersecurity and blockchain conferences around the world.
Director of Revenue
Winston Hsiao is an economist, serial entrepreneur, active crypto trader and angel investor in a number of start-ups in Asia. He founded Taiwan’s first Bitcoin exchange BTCEx-TW in 2013. He is also the founder and CEO of Verico International. Having grown up in India, Hsiao has a keen understanding of the challenges faced by SMEs and traders in emerging markets. His role at XREX combines his passion for financial inclusion and his expertise in blockchain and cross-border payment. Winston divides his time between Taipei and India.
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