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XanPool’s latest round now takes its total funds raised to over $32 million since its launch in March 2019.
XanPool, a Hong Kong-based payment and liquidity network has announced that it has raised $27 million in its latest Series A round. The startup, that presents itself as a cryptocurrency-to-fiat infrastructure provider continues to expand its wings in the Asia Pacific (APAC) region after securing the latest funds. XanPool already runs operations in 13 countries across the Asia Pacific and is now looking to expand its presence in the region.
The Series A round was led by Valar Ventures, a US-based venture capital fund, co-founded by PayPal co-creator Peter Thiel, with participation from CMT Digital, Wise founder and chairman Taavet Hinrikus, and existing investors Gumi Gryptos and Antler.
Jeffery Liu, the founder and Chief Executive Officer of XanPool, speaking to reporters stated that the fintech startup already operates in Hong Kong, India, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan. “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,” Liu said.
XanPool’s latest round now takes its total funds raised to over $32 million since its launch in March 2019. Liu added that the cryptocurrency-to-fiat infrastructure provider is looking to grow its user base to 10 million by the end of 2022.
XanPool has amassed over 500,000 users alongside 400 business partners since its launch. Its users include consumers and businesses that want an alternative to traditional payment processors. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO stated.
XanPool’s software employs a non-custodial crypto-to-crypto (C2C) network consisting up of liquidity providers, individuals, and businesses who can afford to let huge capital sit in their crypto wallets, e-wallets, or bank accounts. This liquidity providers’ capital is used to settle cross-currency and cryptocurrency transactions. The liquidity providers’ capital is used to settle cross-currency and cryptocurrency transactions and in return, they earn fees of up to 2% a month.
“XanPool never touches this money, we simply make the software which allows the individual or business to automate their buying and selling, and in return earn a fee,” Liu said. Liu added that XanPool’s C2C network now has over $200 million of liquidity.
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