XREX Receives $18.75M Investment from Tether

XREX

XREX, a Taipei, Taiwan-based provider of a blockchain-enabled financial service, received a strategic investment of $18.75M from Tether.

This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and innovate regulatory technology.

With┬áTether’s funding, XREX will facilitate compliant, USDT-based cross-border B2B payments in emerging markets. Additionally, the company will work with the┬áUnitas Foundation┬áto launch┬áXAU1, a USD-pegged unitized┬ástablecoinover-reserved with┬áTether┬áGold (XAUt), providing customers with a stable alternative and a hedge against inflation.

Led by CEO Wayne Huang, XREX is a blockchain-enabled financial institution working with banks, regulators, and users to provide enterprise-grade banking services to small to medium-sized businesses (SMBs) in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Commenting on the news, Wayne Huang said: “With┬áTether’s strong support and investment, we’re expanding this success into a RegTech product line that further refines XREX Group as a responsible financial institution.

XREX’s investor lineup include the Taiwanese Government National Development Fund, CDIB Capital Group (TWSE: 2883), SBI Holdings (TYO: 8473), E.Sun Financial Holding (TWSE: 2884), ThreeD Capital (CSE: IDK), AppWorks, BlackMarble, and New Economy Ventures. XREX Singapore recently acquired the Monetary Authority of┬áSingapore’s┬áMajor Payment Institution license, while XREX has been operating under a Taiwan Financial Supervisory Commission’s Registered VASP status.

FinSMEs

05/06/2024