XREX latest funding has attracted a consortium of investors from across the globe, highlighting an interest in companies with secure blockchain compliance technology.
Taiwan-based blockchain Tradetech company XREX recently raised $17 million dollars in its latest Pre-A funding round with an investor oversubscription of 200%.
The company’s funding series attracted several listed companies, banks, venture capital (VC) firms, and FinTech investors globally, some of which include CDBI Capital Group, SBI Holdings, ThreeD Capital, BlackMarble, and Global Founders Capital.
“After witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round.” said Ryan Kuo, Head of CDBI Capital Innovation Fund.
Founded in January 2019 by Wayne Huang, an international cybersecurity expert, and Winston Hsiao, a serial entrepreneur and economist, XREX aims to solve dollar liquidity shortages in fast-growing emerging economies.
XREX’s team comprise of world-leading experts in cybersecurity, compliance, blockchain, and cross-border trading, and they are leveraging advanced Financial Crime Compliance (FCC) and Combating the Financing of Terrorism (CFT) technologies to allow Money Transfer Organisations (MTO) to run secure digital exchanges.
Other than offering software services like XREX Crypto Services (XCS), the company has also developed tools that help merchants in emerging markets to cross over from informal to formal economy in a seamless manner. This includes BitCheck, a cryptocurrency escrow platform, and MyXchange, an exchange service that helps money service businesses create their own crypto-fiat exchanges.
“We believe XREX offers solutions that solve the dollar liquidity challenges faced by entrepreneurs from emerging markets where universal access to financial services is still constrained. These tools allow underserved merchants to participate in the formal economy on an even playing field.” said Yoshitaka Kitao, CEO of SBI Holdings.
The raised funds will help expand XREX’s size and acquire additional licenses, along with forging strategic partnerships with financial institutions in emerging markets like India, Africa, Latin America, and Southeast Asia.
“Our mission is simple — foster global financial inclusion by leveraging blockchain technology,” said XREX CEO and co-founder Wayne Huang. “This goal is shared by our investors who believe XREX products are solving the dollar liquidity issues faced by cross-border merchants, particularly those in emerging countries.”