Payments Infrastructure Builder XanPool Raises $27 Million
XanPool, a prominent fintech payments infrastructure builder, has secured $27 million in its Series A funding round to enhance its offerings. Valar Ventures led the latest investment round.
Other investors, including CMT Digital and notable angel investor Taavet Hinrikus, the Founder and Chairman of Wise, also joined the funding round. XanPool is a payment and liquidity network, but instead of a closed network, the company’s open C2C network is made out of individuals and businesses, whose idle capital is used to settle cross-currency and cryptocurrency transactions.
According to XanPool, the company has over 500,000 users and more than 400 business partners. Through the recent investment, the fintech payments infrastructure builder is planning to consolidate its presence in the Asia Pacific region. The company aims to reduce the risks and costs and associated with financial transactions.
“XanPool started as a small software innovation in the Peer-to-Peer technology space, allowing users to settle their cryptocurrency to local-currencies within seconds without taking custody risk. Our C2C network has since grown into Asia’s largest decentralized liquidity pool with over US$200 million of liquidity,” Jeffery Liu, Chief Executive Officer at XanPool, stated.
“Today, the network is not only used by cryptocurrency users but also hundreds of underserved businesses that traditional payment processors cannot service due to risk or cost factors which the XanPool network does not have,” Liu added.
Asia’s Fintech Sector
The financial technology sector in Asia is booming. Due to growing adoption, payments startups in the region attracted record funding during the first six months of 2021.
“In the coming years, XanPool’s network will look more similar to that of the SWIFT Network. Just like SWIFT, XanPool does not hold liquidity itself, instead, it relies on the liquidity of all the participants using the network. Just like SWIFT, XanPool earns fees based on the communication that its software facilitates. But, unlike SWIFT, XanPool is compatible with modern payment solutions like Cryptocurrency, Fast-Payments and E-wallets. You can expect more innovation from XanPool in this direction,” Liu concluded.
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