The cryptocurrency infrastructure provider XanPool is expanding its activities in the Asia-Pacific region by securing new funds.
The Hong Kong-based startup has grown up $ 27 million in a Series A funding round led by Valar Ventures, a venture capital firm run by the Co-founder of PayPal, Peter Thiel.
The other participating investors included the cryptocurrency-focused venture capital company CMT Digital along with angel investors such as TransferWise co-founder Taavet Hinrikus, XanPool announced on Friday.
With offices in 13 countries in the Asia-Pacific region XanPool would like to further consolidate its presence with new financing. Jeffery Liu, CEO of XanPool, told Cointelegraph that the startup operates in countries like India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan
Liu pointed this out “In the next quarter or two, they will be expanding their services mainly to a few more APAC countries.” In addition to consolidating our control in existing markets “
The CEO said the platform has accumulated more than 500,000 users and 400 business partners since its launch in March 2019, according to the announcement. “Our goal is to grow our user base from 20×10 to 10 million APAC users by the end of 2022.”
XanPool is a liquidity network and a peer-to-peer (P2P) platform from crypto to fiat that depends on the liquidity of its participants. The platform employs money that is not used by individuals and companies to process transactions between currencies and cryptocurrencies, reducing counterparty risk and costs and also allowing liquidity providers (LP) to earn up to 2% of their inactive capital .
Liu le dijo a Cointelegraph que la startup estÃ¡ ejecutando un software similar al de la plataforma financiera descentralizada Uniswap.Â "Excepto que en lugar de cripto a cripto, nuestro creador de mercado automatizado automatiza entre cripto y fiat".
Instead of native cryptocurrency LPs, our LPs range from traditional import and export companies to monetary service providers and cryptocurrency fund firmsâ ????, CEO Liu said and emphasized that Xanpool never touches money in the wallets of any individual or company.
“We simply create software that enables individuals or companies to automate their purchases and sales and in return we receive a commission”said the executive.
The latest funding brings the total amount raised by XanPool to approximately $ 32 million, including previous funding from individual investors.The company raised $ 4.3 million in a pre-Serie A funding round in connection with its official launch in November 2020.