Crypto-to-fiat liquidity startup Xanpool raises $27M

A new blockchain-powered startup, Xanpool, has raised $27 million in funding to provide liquidity for digital assets. The company is the first of its kind and aims to be a future standard for crypto-to-fiat trading.

The xanpool review is a cryptocurrency startup that has raised $27M in funding. Xanpool is a platform that helps people convert their crypto to fiat.

 

Xanpool, a cryptocurrency-to-fiat infrastructure provider, has secured more financing to continue growing its operations in Asia Pacific (APAC).

Valar Ventures, the venture capital company co-founded by PayPal co-founder Peter Thiel, led a $27 million Series A financing round for the Hong Kong-based business.

According to Xanpool, other investors included crypto-focused venture capital company CMT Digital as well as angel investors such as TransferWise co-founder Taavet Hinrikus.

Xanpool, which has operations in 13 countries throughout APAC, is seeking to expand its footprint in the area with fresh financing. According to Xanpool CEO Jeffery Liu, the company operates in India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.

“We’re mainly extending our services into a few more APAC nations in the next quarter or two.” “We’re also looking to strengthen our position in current markets,” Liu said.

According to the statement, the platform has accumulated over 500,000 users and 400 business partners since its debut in March 2019. “We aspire to have expanded our user base by 20x to 10 million people throughout APAC by the end of 2022,” the CEO stated.

XanPool is a peer-to-peer crypto-to-fiat platform and liquidity network that relies on its users’ liquidity. Individuals and companies may utilize their unused money to settle cross-currency and cryptocurrency transactions, minimizing counterparty risk and costs while also earning up to 2% on their idle capital.

The CEO of Xanpool told Cointelegraph that the company uses technologies similar to that of Uniswap, a decentralized financial network. “Our automated market maker automates between crypto and fiat, rather than crypto-to-crypto,” Liu said.

MoonPay, a cryptocurrency fintech company, is allegedly aiming for a $3.4 billion value in its first round of venture capital financing.

“Rather than crypto-only LPs, our LPs include everything from conventional import-export companies to money service providers to crypto funds.” The liquidity is “basically utilized to pay local currency and cryptocurrency transactions directly from the individual’s or business’s wallet,” according to the CEO. Xanpool, according to Liu, never touches money in people’s or companies’ wallets.

“All we do is create software that enables individuals or businesses to automate their purchasing and selling in exchange for a fee,” the CEO said.

XanPool has now received approximately $32 million in total, including earlier investment from private investors. In conjunction with its formal debut in November, the firm received $4.3 million in a pre-A financing round.

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