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Blockchain firm XREX secures $17 million in a pre-Series A round

Blockchain firm XREX secures $17 million in a pre-Series A round

XREX, a leading Taipei-based blockchain startup, has reportedly announced that it has secured $17 million in pre-Series A fundraising round.

According to credible reports, CDIB Capital Group led the oversubscribed round along with other participants including Global Founders Capital, SBI Investment (a subsidiary of SBI Holdings), ThreeD Capital, Systex Corporation, E.Sun Venture Capital, MetaPlanet Holdings,  New Economy Ventures, Seraph Group,  AppWorks, and BlackMarble.

Ryan Kuo, the head of CDIB Capital Innovation Fund, stated that CDIB was an early fund provider for XREX. It was determined to double its investment in XREX and lead this strategic round after seeing the company's rapid sales development and dedication to compliance.

Part of the new funds from the latest round will be used to apply for financial licenses in Hong Kong, Singapore, and South Africa and form partnerships with banks and financial organizations such as payment gateways.

Co-founder and CEO of XREX, Wayne Huang, stated that XREX is consciously aimed at building a regulatory-friendly cap table. It is exceedingly difficult for a company like XREX to seek funding from banks and public companies, but XREX did it on purpose this time, and it was successful.

Huang's previous startup company, Armorize Technologies, an anti-malware SaaS provider, was acquired by Proofpoint in 2013. Armorize examined source code to identify vulnerabilities, and a number of its clients were developers in Chennai and Bangalore, so Huang spent a huge amount of time traveling there.

XREX was established to enable cross-border firms in emerging economies to complete transactions more quickly by offering solutions such as a crypto-fiat exchange platform and a payment escrow service.

XREX Crypto Services provides merchants with tools to execute digital fiat currency trades, particularly in regions with limited US dollar liquidity. Merchants need rapid access to the US dollar and the ability to pay it out quickly enough to secure critical goods that they want to import, and that is the problem the company wants to solve, Huang elaborated.

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