Hanwha Investment & Securities, a South Korea based securities brokerage subsidiary of Hanwha Group, has participated in a $3.3 Million Funding Round in crypto startup, CrossAngle, operator of the global crypto-asset disclosure platform, Xangle, as it is cementing its involvement in the cryptocurrency industry with a new investment.
On July 16, it has been reported that CrossAngle said that the Series A2 investment of 4 Billion Won (US$3.3 Million) is expected to enable the company to develop an infrastructure for institutionalizing crypto data services.
Hanwha Investment & Securities is one of the major securities brokerages in South Korea and is a subsidiary to Hanwha Group, one of Korea’s largest conglomerates alongside Samsung, Hyundai, LG, and SK. The firm is currently working to strengthen its digital capabilities, and is the first investment firm in South Korea to create a subsidiary that deals with ‘Big Data.’
Xangle is a global leading crypto asset disclosure platform working with global leading players to bring data transparency by providing full scope information on assets. Incorporated in Singapore, Xangle is focused on providing transparent data for cryptocurrencies like Bitcoin (BTC).
However, in order to provide its disclosure service, Xangle collects, verifies, and integrates corporate disclosures from global projects and companies that have issued crypto assets, as the platform provides the public access to both off-chain corporate disclosures and on-chain metrics and analytics.
As per the report, Xangle‘s global partner network has more than 60 exchanges so far, featuring countries like South Korea, Japan, China, Southeast Asia, Russia, the United States, as well as European jurisdictions. The firm claims to provide the public access disclosure data for over 800 crypto assets to date.
James Junwoo Kim, the co-founder of CrossAngle, successfully led this funding round and expressed that –
“Resolving existing industry problems and creating a solid data/information ecosystem based on stakeholder participation is crucial to the industry’s growth and eventual mass adoption. With the latest funding, he hopes that Xangle can make significant contributions to the advancement of the industry and expand the boundaries for the industry as a whole.”– James Junwoo Kim, Co-Founder, CrossAngle
The investment comes amidst Hanwha Group pushing its digital expertise. The Series A2 investment is expected to enable it to develop an infrastructure for institutionalising crypto data services.