Taiwan’s blockchain startup company XREX, which focuses on fiat cryptocurrencies, announced 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 would be used to expand the company’s legal currency portfolio and develop partnerships with more companies that provide digital wallets and prepare for compliance accordingly.
According to XREX’s official report, the oversubscription financing exceeded expectations by 200%. Other investors 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 were targeting only $5 million to $8 million, which would give us enough of a buffer to cushion any COVID-caused uncertainty and to have enough revenue to do a Series A. But traction continued to grow, and investors were very supportive, so we became oversubscribed and decided to increase the round size.”
Wayne Huang also stated 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 other 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 enhance transactions’ security, transparency, and accountability. Its platform has become one of the most secure encrypted fiat currency platforms in the world.
In this year, XREX successfully detected and prevented attacks by fraudulent groups from Russia and Nigeria.