Hong Kong-based fintech XanPool raises $27M for its decentralized payment network – TechCrunch

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XanPool, A payment infrastructure provider that facilitates faster crypto and fiat payments, announced today that it has raised $ 27 million in Series A, led by Valar Ventures. The round included the participation of CMT Digital, Wise founder and chairman Taavet Hinrikus, and existing investors Gumi Gryptos and Antler.

With this funding, XanPool has raised more than $ 32 million since its inception in 2019. Founder and CEO Jeffrey Liu has integrated XanPool’s presence on TechCrunch and Series A across APAC, which is used in 12 countries, to increase the user base from the current 500,000 to 10 million by the end of 2022. He said that he is aiming to increase the number. Its users include consumers and businesses that want an alternative to traditional payment processors.

XanPool’s software enables an unmanaged cryptocurrency (C2C) network consisting of cryptocurrency, money service operators, traditional export businesses and other cryptocurrency wallets, liquidity providers with idle capital in their e-wallets. Or a bank account.

“XanPool never touches this money. You can just create software that allows individuals or businesses to automate buying and selling, and in return you can earn commissions,” Liu said.

The liquidity provider’s capital is used to settle cross-currency and crypto-currency transactions, and in return earns up to 2% commission per month. According to XanPool, the liquidity of the C2C network is currently over $ 200 million.

Liu added that the peer-to-peer architecture reduces the risk of counterparties because C2C transactions do not involve an intermediary and transactions are completed without credits or late payments.

Based in Hong Kong, Xan Pool has more than 400 business partners.These include Korean financial “SuperAppli” Throw awayVietnam FinTech ViettelPay; Singapore Electronic Money Transfer Service PayNow; Indonesian eWallet GoPay; PayID, a fast payment infrastructure developed by an Australian bank. Faster Payments Service of Hong Kong Monetary Authority. They provide customers with access to XanPool through the app, which runs its own KYC for its users.

Xan Pool founders Jeffrey Liu and Artem Ibragimov

According to Liu, XanPool’s user experience is a traditional custody platform because it only has to provide the cryptocurrency address, send fiat to a local liquidity peer on the C2C network, and then receive the cryptocurrency directly into the wallet. Is different.

On most traditional custody platforms, on the other hand, users have to send fiat currencies before exchanging fiat currencies and the exchange has to wait for approval withdrawals.

XanPool plans to continue to provide infrastructure for third-party exchanges, wallets and distributed applications instead of launching its own apps. Liu said XanPool’s goal is to be similar to the SWIFT network, allowing payments without retaining its own liquidity, but compatible with cryptocurrencies, fast payment services, and electronic wallets. I did.

Hong Kong-based fintech XanPool raises $27M for its decentralized payment network – TechCrunch Source link Hong Kong-based fintech XanPool raises $27M for its decentralized payment network – TechCrunch

The post Hong Kong-based fintech XanPool raises $27M for its decentralized payment network – TechCrunch appeared first on California News Times.

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