XREX, a Taipei-based crypto-fiat fintech company driving financial inclusion via blockchain, raised $17m in Pre-A funding round.
The round was led by CDIB Capital Group (TWSE: 2883), with participation from SBI Investment (subsidiary of SBI Holdings, TYO: 8473), Global Founders Capital, ThreeD Capital (CSE: IDK), E.Sun Venture Capital (TWSE: 2884), Systex Corporation (TWSE: 6214), Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group.
The company will use the funding to expand its fiat currency portfolio, acquire additional licenses, and forge partnerships with more financial institutions and digital wallets.
Co-founded by Wayne Huang and Winston Hsiao, XREX is a crypto-fiat fintech company which has worked with local regulators and financial institutions to ìcreate tools such as BitCheck and MyXchange to help merchants and SMEs in emerging markets reduce forex loss, gain access to US dollars and cross over from informal to formal economy. Capitalizing on a series of new features including their mandatory User Public Profile as well as their Risk Level Detector features, XREX the company roll out a user Reputation Index next year to bolster safety, transparency and accountability while encouraging social networking.
Recognizing compliance is core to digital currency adoption, XREX partners with several leading compliance and anti-money laundering providers such as CipherTrace, Sum&Substance, and TRISA.