XREX, a startup that promotes global financial participation through blockchain, announced that it has received $17 million in investment.
Taipei-based blockchain startup XREX announced that it has received US$17 million in Series A investment to accelerate cross-border trade.
SBI Investment, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, MetaPlanet Holdings, AppWorks, BlackMarble, New Economy Ventures and Seraph Group also participated in this round of investment led by CDIB Capital Group.
The company said it will use part of the new investment to apply for financial licenses in Singapore, Hong Kong and South Africa, and establish partnerships with financial institutions such as banks and payment gateways. In addition, the new financing is expected to be used to expand the company’s fiat currency portfolio and establish partnerships with more financial institutions and digital wallets.
XREX co-founder and CEO Wayne Huang pointed out that it is difficult for startups like XREX to obtain investment from banks and listed companies, but they did it in this round of investment. Huang stated that XREX’s mission is to use blockchain to promote global financial inclusion.
XREX cooperation with local regulatory authorities and financial institutions, creating a BitCheck and MyXchange and other tools to help traders and small and medium enterprises in emerging markets to reduce foreign exchange losses, the dollar and get a seamless transition to the informal economy.
Yoshitaka Kitao, the representative director and chairman of SBI Investment, stated that helping entrepreneurs succeed is a top priority, while emphasizing that they believe that the XREX solution opens the door for underserved traders to equal participation in global trade.
XREX has successfully detected and prevented fraud attempts from Russia and Nigeria in recent months, and claims that it is one of the most secure cryptographic fiat currency platforms in the world.