Xanpool, a cryptocurrency to fiat currency infrastructure provider, continues to expand its business in the Asia Pacific region (APAC) by obtaining new funds.
The Hong Kong-based startup raised US$27 million in a Series A financing led by Valar Ventures, a venture capital company co-founded by PayPal co-founder Peter Thiel.
Other participating investors include CMT Digital, a crypto-focused venture capital firm, and angel investors like TransferWise co-founder Taavet Hinrikus and Xanpool. Announce Friday.
Xanpool operates in 13 countries/regions in the Asia-Pacific region and hopes to further consolidate its influence in the region through new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup has operations in countries such as India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan.
“In the next one or two quarters, we will mainly expand our services to more Asia-Pacific countries. And consolidate our control in the existing market,” Liu pointed out.
The announcement stated that since its launch in March 2019, the platform has so far accumulated more than 500,000 users and 400 business partners. “By the end of 2022, our goal is to expand the user base in the Asia-Pacific region by 20 times to 10 million,” said the CEO.
XanPool is a peer-to-peer cryptocurrency to fiat currency platform and a liquidity network that relies on the liquidity of participants. The platform uses unused funds of individuals and businesses for settlement of cross-currency and cryptocurrency transactions, reduces counterparty risks and costs, and allows liquidity providers (LP) to earn up to 2% of their idle funds.
The CEO of Xanpool told Cointelegraph that the startup is running software similar to the decentralized financial platform Uniswap. “In addition to cryptocurrency to cryptocurrency, our automated market maker automates between cryptocurrency and fiat currency,” Liu pointed out.
“Our LP is not an encrypted local LP, but from the traditional import and export business to the currency service operator to the encrypted fund. This liquidity is mainly used to settle local currency and encrypted currency transactions from the wallets of individuals or businesses immediately. ,” the CEO said. Liu emphasized that Xanpool never touches money in personal or corporate wallets.
The executive said: “We just make software so that individuals or companies can automatically buy and sell and earn fees.”
The latest funding brings XanPool’s total financing amount to about 32 million US dollars, including funds previously provided by individual investors.company improve When it was officially launched in November last year, it received $4.3 million in Series A financing.