XanPool fintech raises USD 27 mln in Series A

Friday 22 October 2021 12:21 CET | News

Hong-kong-based XanPool, a payment infrastructure provider that facilitates faster crypto and fiat settlements, announced today it has raised a USD 27 million Series A led by Valar Ventures.

The round included participation from CMT Digital, Wise founder and chairman Taavet Hinrikus, and existing investors Gumi Gryptos and Antler.

The funding brings XanPool’s total raised since it was founded in 2019 to over USD 32 million. Series A funds will be used to consolidate XanPool’s presence across APAC, where it is used in 12 countries, with the goal of growing its user base from 500,000 now to 10 million by the end of 2022. Its users include consumers and businesses that want an alternative to traditional payment processors.

XanPool’s software offers a non-custodial crypto-to-crypto (C2C) network that is made up of liquidity providers, including crypto funds, money service operators and traditional-export businesses, who have idle capital sitting in their crypto wallets, e-wallets or bank accounts.

The liquidity providers’ capital is used to settle cross-currency and cryptocurrency transactions and, in return, they earn fees of up to 2% a month. XanPool says its C2C network now has over USD 200 million of liquidity.

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Keywords: funding, cryptocurrency exchange, e-wallet, digital assets
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Hong Kong
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Blockchain & Cryptocurrencies

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