English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 11 September 2020, 15:00 HKT/SGT
Share:
XanPool Concludes US$4.3 Million Series Pre-A Financing
Accelerates Expansion Plans Into Asia and Onboards ex-SWIFT Executive into Team

HONG KONG, Sept 11, 2020 - (ACN Newswire) - Hong Kong-based fintech startup XanPool (xanpool.com) is pleased to announce it has raised US$4.3 million in a Pre-A financing round led by blockchain technology and service provider OK Group, alongside Hashkey and Gumi Cryptos, to spearhead its infrastructure expansion into the eastern hemisphere.


Xanpool's Jeffery Liu, CEO on Left, and Artem Ibragimov, CTO on Right.


XanPool's payment infrastructure allows instant processing of traditional and cryptocurrencies without custody risk. Conventional crypto exchanges require long waiting times - several hours days to days - to clear deposits and withdrawals. Several high-profile exit scams in the space has led users to be wary of keeping substantial amounts of crypto-currency on an exchange.

XanPool C2C software enables users to settles their crypto-currency to local-currency trades in seconds instead of hours, without taking custody of customer funds throughout the entire process. This is done by having users run XanPool's custom APIs, which are built into local payment solutions such as FPS in Hong Kong, IBFT in Pakistan, and InstaPay in the Philippines.

Essentially, the C2C technology allows individuals and businesses to participate in market-making between cryptocurrencies and the local currency by "plugging" their financial infrastructure (such as bank accounts and e-wallets) into the XanPool network. They will then join an extensive C2C network of over 500 liquidity providers across the Asia Pacific region.

XanPool currently has over 75,000 transacting users in over 8 South East Asian countries, and has plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.

Commenting on the successful funding round, Estrella Du, a representative from OK Group's Investment Department, said: "The Eastern Hemisphere has seen massive adoption of digital payments; we think XanPool's first-principles reconsideration of crypto on and offboarding infrastructure can drive massive efficiency in the Asian ecosystem. OK Group is excited to partner with XanPool in building the next generation payment infrastructure."

Jeffery Liu, Chief Executive Officer at XanPool, said, "Our aim is to build the most affordable infrastructure for the processing and of cryptocurrency, and routing of local currency; the money raised will allow us to expand beyond Southeast Asia and reach out to a wider group of users on the Eastern Hemisphere."

XanPool's architecture has applications in cross-border payments as well, says Jeffrey. "Besides our geographical expansion, one of the focus areas for our next few quarters will be the traditional-online merchant payment space. Merchants across Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure.

"Cryptocurrencies can enable instant, peer-to-peer cross-border routing and settlement, cutting out the middle men. Imagine a Pakistan merchant accepting Hong Kong dollars with FPS and receiving Rupees through IBFT within a few minutes."

Daniel De Weyer, former Global Director at SWIFT, after having worked for over 20 years at SWIFT, has also joined the XanPool team as a Director. As such, Daniel will assist in and lead some of XanPool's geographic, and product expansion effort westwards.

About XanPool

XanPool software allows anyone to seamlessly enable Crypto to Fiat on or offboarding. Instantly executing and settling transactions without taking custody of customer funds. Our unique C2C software solution and liquidity network makes the onboarding and offboarding infrastructure in crypto much more user friendly, and resilient against existing infrastructure dependency (such as bank partners). We allow institutions and retail to on and off board regardless of their infrastructural limitations.

XanPool analogizes its collective technology to a "SWIFT-like Network", but instead of taking days or weeks to settle, XanPool, using only more modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and speeds which are magnitudes faster, within seconds. Visit xanpool.com.

Jeffery Liu, Chief Executive Officer at XanPool, is available for interviews.
Media: Fred Tan, Marketing & PR Manager
Email: [email protected] & [email protected]
Phone: +852 5334 3110 (WhatsApp only)




Topic: Press release summary
Sectors: Exchanges & Software, FX & Digital Currencies, FinTech & Blockchain, Banking & Insurance, Venture Capital
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
NetDragon Collaborates with Pearson, Expands Education Library with Agreement to License Digital Content   
Oct 23, 2020 18:00 HKT/SGT
NEC and Analog Devices Collaborate to provide a 5G O-RAN Massive MIMO Radio for Rakuten Mobile  
Oct 23, 2020 16:31 HKT/SGT
IDC Industry Will Benefit from the Growth of Cloud Computing GDS to be Listed on the HKEx  
Oct 23, 2020 09:33 HKT/SGT
BitDeer.com Unveils Brand New Cloud Hosting Services  
Oct 23, 2020 09:00 HKT/SGT
Global brokerage firm Tiger Brokers uncovers Singaporean Gen Zs' penchant for globally diverse and long-term technology stocks  
Oct 23, 2020 09:00 HKT/SGT
Bixin Ventures Announces $100M Proprietary Capital Fund to Support Global Blockchain Ecosystem  
Oct 22, 2020 22:00 HKT/SGT
Mitsubishi Power Receives Follow-up Order from Serbia for Two Sets of World's Largest Flue Gas Desulfurization Systems  
Oct 22, 2020 17:24 HKT/SGT
MHI Thermal Systems Opens New Development and Testing Facility for Commercial-Use Air Conditioning & Refrigeration Systems  
Oct 22, 2020 17:13 HKT/SGT
Epazz DeskFlex Room Booking System Sees Demand Coming From Asia Pacific Region; Advances COVID-Compliant Software Suite For Specific Functionality  
Oct 22, 2020 01:00 HKT/SGT
US Tests Confirm Path-Away(R) Organically Kills SARS-CoV-2 Virus  
Oct 21, 2020 21:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8575