June 05, 2024
Tether, a major player in the digital asset industry, has strategically invested $18.75 million in XREX Group, a fully regulated blockchain-enabled financial institution. This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and enhance regulatory technology.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
XREX | $18.75 | June 05, 2024 | Corporate Round | $42.75M | Tether | FinTech |
With Tether’s funding, XREX will revolutionize financial transactions by offering compliant, USDT-based cross-border B2B payments in emerging markets, potentially lowering costs and increasing efficiency. Additionally, XREX plans to launch XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt), providing a stable alternative and a hedge against inflation. This investment aligns with Tether’s vision of building resilient infrastructure beyond the crypto market.
XREX’s investor lineup includes the Taiwanese Government National Development Fund, CDIB Capital Group, SBI Holdings, E.Sun Financial Holding, ThreeD Capital, AppWorks, BlackMarble, and New Economy Ventures. Recently, XREX Singapore acquired the Monetary Authority of Singapore’s Major Payment Institution license, while XREX has been operating under a Taiwan Financial Supervisory Commission’s Registered VASP status.
About XREX
XREX is a blockchain-enabled financial institution that collaborates with banks, regulators, and users to redefine banking. XREX creates a collective financial system that empowers everyone to participate in and contribute to the global economy. Their reliable cloud-based blockchain APIs are designed for companies building and running crypto markets and transaction settlement services. XREX facilitates digital asset transfer, banking, and trading, helping merchants in emerging economies accelerate international transactions. They offer services such as digital asset custody, cross-border payments, fiat-crypto conversion, cryptocurrency exchange, and asset management.
Website: https://xrex.io/
X Followers today: 1,446
X Followers 30 days ago: 1,299
X Change: 147 (+3.64%)
About Investor
Investor: Tether
Tether was founded by a group of Bitcoin enthusiasts and early adopters who were passionate about facilitating the use of fiat currencies in a digital manner. In 2014, the company launched Tether.to, a blockchain-enabled platform aimed at disrupting the conventional financial system with a more modern approach to money1. As the first blockchain-enabled platform to facilitate the digital use of traditional currencies, Tether created a revolutionary building block that companies worldwide can use to offer democratized cross-border financial services. With Tether tokens, customers can confidently transact with traditional currencies using blockchains as transport layers, without the volatility and complexity typically associated with digital currencies.
Location: British Virgin Islands
Website: https://tether.to/en/
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