Hong Kong-based crypto-to-fiat gateway XanPool announced on Friday it secured $4.3 million through its Pre-Series A funding round, which was led by blockchain technology and service provider OK Group with participation from Hashkey and Gumi Cryptos.
Founded in 2019, XanPool explained that its software allows anyone to seamlessly enable Crypto to Fiat on or offboarding. Instantly executing and settling transactions without taking custody of customer funds.
“We provide a unique omni-channel solution to make the onboarding and offboarding infrastructure in crypto much more user friendly, and resilient against single channel dependency, such as over-reliance on banking partners. We allow institutions and retail to on and off board regardless of their infrastructural limitations.”
While sharing details about the investment round, Jeffery Liu, CEO of XanPool, stated:
“Our aim is to build the most affordable infrastructure for the processing of cryptocurrency, and routing of local currency; the money raised will allow us to expand beyond Southeast Asia and reach out to a wider group of users on the Eastern Hemisphere.”
Estrella Du, a representative from OK Group’s Investment Department, also commented:
“The Eastern Hemisphere has seen massive adoption of digital payments; we think XanPool’s first-principles reconsideration of crypto on and offboarding infrastructure can drive massive efficiency in the Asian ecosystem. OK Group is excited to partner with XanPool in building the next generation payment infrastructure.”
Xanpool went on to add that it currently has more than 75,000 transacting users in over 8 South East Asian countries, and has plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.