XanPool, the cryptocurrency-to-fiat infrastructure provider, has expanded operations in the Asia-Pacific region by securing fresh funding.
It has been reported that the Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, a venture capital firm co-founded by PayPal co-creator Peter Thiel.
However, other participating investors included crypto-focused venture capital firm CMT Digital alongside angel investors such as TransferWise co-founder Taavet Hinrikus. Running operations in 13 countries across the Asia-Pacific region, XanPool is looking to further consolidate its presence with new funding.
Jeffery Liu, the CEO of XanPool, said that the startup operates in countries like India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.
Liu added:
“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets.”
The report said that since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners.
Liu said:
“By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC.”
Likewise, XanPool relies on the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle cross-currency and cryptocurrency transactions, reducing the counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to 2% on their idle capital.
Liu further said that the startup is running software similar to that of decentralized finance platform Uniswap.
He added:
“Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat. Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet.”
Moreover, he said:
“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee.”
Thus, the latest funding brings XanPool’s total amount raised to around $32 million, including previous funding by individual investors. The company raised $4.3 million in a pre-Series A financing round in November 2020 in conjunction with its official launch.
Source: Cointelegraph