Accelerates Expansion Plans Into Asia, and Onboards ex-SWIFT Executive Into Team.
Hong Kong-based fintech startup XanPool (the “Company”) is pleased to announce it has raised US$4.3 million in a Pre-A financing round led by blockchain technology and service provider OK Group, alongside Hashkey and Gumi Cryptos, to spearhead its infrastructure expansion into the eastern hemisphere.
Read More: GlobalFintechSeries Interview with Clara Shih, CEO and Founder at Hearsay Systems
XanPool’s payment infrastructure allows instant processing of traditional and cryptocurrencies without custody risk. Conventional crypto exchanges require long waiting times – several hours to days – to clear deposits and withdrawals. Several high-profile exit scams in the space have led users to be wary of keeping substantial amounts of crypto-currency on an exchange.
XanPool C2C software enables users to settles their crypto-currency to local-currency trades in seconds instead of hours, without taking custody of customer funds throughout the entire process. This is done by having users run the Company’s custom APIs, which are built into local payment solutions such as FPS in Hong Kong, IBFT in Pakistan, and InstaPay in the Philippines.
Read More: GlobalFintechSeries Interview with Gerard Griffin, CEO at AnyDay
Essentially, the C2C technology allows individuals and businesses to participate in their marketing-making of cryptocurrencies and local currency; by “plugging” their financial infrastructure (such as bank accounts and e-wallets) into the XanPool network. They will then join an extensive C2C network of over 500 liquidity providers across the Asia Pacific region.
The Company currently has over 75,000 transacting users in over 8 South East Asian countries, and has plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.
Commenting on the successful funding round, Estrella Du, a representative from OK Group’s Investment Department, said: “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. OK Group is excited to partner with XanPool in building the next generation payment infrastructure.”
Read More: German Peer-to-peer Lender auxmoney Raises €150 Million
