Taiwan’s blockchain startup company XREX, which focuses on fiat cryptocurrencies, introduced the completion of a Pre-A round of financing led by CDIB Capital Group with $17 million in total.
The digital financial technology company stated that the financing can be used to develop the corporate’s authorized currency portfolio and develop partnerships with more companies that provide digital wallets and put them together for compliance accordingly.
In keeping with XREX’s official report, the oversubscription financing exceeded expectations by 200%. Different buyers include SBI Investment, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group.
The CEO and Co-Founder of XREX, Wayne Huang, said:
“Originally we have been focusing on only $5 million to $8 million, which might give us sufficient of a buffer to cushion any COVID-caused uncertainty and to have sufficient revenue to do a Series A. However traction continued to develop, and buyers have been very supportive, so we grew to become oversubscribed and determined to extend the round size.“
Wayne Huang also said that “Our mission is to foster global financial inclusion by leveraging blockchain.”
Therefore, the blockchain TradeTech company XREX has been actively partnered with local regulators and financial institutions to launch BitCheck and MyXchange and different tools to help businesses and small and medium enterprises in emerging markets and swap into dollars to reduce foreign exchange losses.
XREX revealed that it would also launch a user reputation index next year to boost transactions’ security, transparency, and accountability. Its platform has become probably the most secure encrypted fiat currency platform in the world.
In this year, XREX efficiently detected and prevented assaults by fraudulent groups from Russia and Nigeria.