XanPool, a Hong Kong-based payments infrastructure builder focused primarily on the Asia Pacific regions has raised over US$27 Million in an A Series financing round.
The Series A funding round was led by Valar Ventures, a venture capital firm known for being co-founded by Peter Thiel, a prominent co-founder of PayPal.
Other Investors in XanPools Series A round included CMT Digital and notable angel investor Taavet Hinrikus. Taavet Hinrinkus is the Founder and Chair of Wise (Formerly Transferwise).
What the heck is XanPool? XanPool’s software allows anyone to instantly and seamlessly execute and settle crypto to FIAT transactions without taking custody of customer funds.
“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.“
Commenting on XanPool’s ongoing momentum, Jeffery Liu, Chief Executive Officer at XanPool
Operating in over 13 countries across will use these funds to further “consolidate its presence in the Asia Pacific region, and expand its product offerings”.
The firm currently operates in Hong Kong, Singapore, India, the Philippines, Thailand, Indonesia, Australia, New Zealand, and Japan.
“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”
Jeffery further comments on the future of XanPool
The Series A round of funding compliments XanPools Pre-Series A round where they raised over US$4.3 million in funding back in November 2020. That’s right, XanPool has raised over US$32 million from investors to date.
The XanPool platform has amassed over 500,000 users, and over 400 business partners since the launch of its services in March 2019.
XanPools services are a game-changer for enabling wider adoption of crypto and the to envision XanPool being Just like “SWIFT” which is a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized, and reliable environment.
What are your thoughts on the future of XanPool? Share them in the comments.
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