Hong Kong, Oct 22, 2021 - (ACN Newswire) - XanPool, a payments infrastructure builder that operates in over 13 countries in the Asia Pacific, has raised US$27 Million in a Series A financing round led by Valar Ventures, alongside investors such as CMT Digital, and notable angel investor Taavet Hinrikus (Founder and Chairman of Wise, formerly Transferwise).
Commenting on XanPool's ambitions in the APAC region, James Fitzgerald from Valar Ventures states: "It's impressive seeing how XanPool has capitalized on the adoption of cryptocurrency to build a decentralized payment network powered by this new asset class. This space is evolving quickly; the incumbents aren't going to know what hit them."
XanPool is a Payments and Liquidity Network. Similar to Mastercard or Visa, but instead of having a closed network of banks as partners, XanPool's open C2C network is made out of individuals and businesses, whose idle capital is used to settle cross-currency, and cryptocurrency transactions. By doing this, XanPool reduces the counterparty risk and costs associated with these forms of transfers, while also allowing the individual and business liquidity providers to earn fees of up to 2% a month on their idle capital.
With over 500,000 users, and over 400 business partners, XanPool is looking to consolidate its presence in the Asia Pacific region and expand its product offerings.
Commenting on XanPool's ongoing momentum, Jeffery Liu, Chief Executive Officer at XanPool, states, "XanPool started as a small software innovation in the Peer to Peer technology space, allowing users to settle their cryptocurrency to local-currencies within seconds without taking custody risk. Our C2C network has since grown into Asia's largest decentralized liquidity pool with over US$200 million of liquidity. Today, the network is not only used by cryptocurrency users but also hundreds of underserved businesses that traditional payment processors cannot service due to risk or cost factors which the XanPool network does not have."
Jeffery further comments, "In the coming years, XanPool's network will look more similar to that of the SWIFT Network. Just like SWIFT, XanPool does not hold liquidity itself, instead, it relies on the liquidity of all the participants using the network. Just like SWIFT, XanPool earns fees based on the communication that its software facilitates. But unlike SWIFT, XanPool is compatible with modern payment solutions like Cryptocurrency, Fast-Payments, and E-wallets. You can expect more innovation from XanPool in this direction"
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 make 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 be 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.
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Jeffery Liu, Chief Executive Officer at XanPool, is available for interviews.
Carrine Eng, Marketing & PR Manager
Topic: Press release summary
Sectors: Exchanges & Software, FinTech
From the Asia Corporate News Network
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