Taiwan-based crypto trading platform provider XRex has raised $17m in a pre-series A round featuring financial services firms SBI Group and E.Sun, IT services provider Systex and app developer AppWorks.
The round was led by CDIB Capital Group and included Metaplanet Holdings, Black Marble, New Economy Ventures and Seraph Group, while SBI and E.Sun participated through SBI Investment and E.Sun Venture Capital respectively.
Founded in 2018, XRex uses blockchain technology to create payment and software products to help merchants make international transactions and bridge the gap between the informal and formal economies, particularly in emerging markets where dollar-denominated liquidity is less available.
XRex also operates its own cryptocurrency exchange and plans to roll out a user reputation index next year to promote safety. The company claims it has already prevented more than one fraud ring in the past eight months.
The round reportedly had an initial target of $5m to $8m but XRex extended it in response to investor demand.
The company had secured $7m in a 2019 seed round led by AppWorks that also featured crypto-currency wallet provider BitoExCDIB, Black Marble, Metaplanet Holdings, WI Harper, Taiwan’s National Development Fund and angel investor Toivo Annus.
Wayne Huang, XRex’s chief executive, said: “Our mission is to foster global financial inclusion by leveraging blockchain.
“Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.”
