Xangle, a cryptocurrency disclosure platform built by South Korean crypto company CrossAngle, has raised $17 million from industry investors in a just-concluded Series B funding.
Xangle Bags $17 Million
Per the announcement, the funding round was led by KB Investment, Shinhan Capital, Premier Partners, and IMM. The company also revealed that the fundraiser saw participation from its existing investors.
Aside from partaking in the funding round, Shinhan Capital and Xangle signed a strategic partnership deal that will allow both companies to launch crypto-related products.
The fresh capital injection will allow Xangle to improve and develop new products and services to attract global investors. According to Junwoo Kim, Co-CEO of Xangle, the funding will also help the company to promote and support cryptocurrencies by providing authentic information to the global market.
“Crypto assets are being accepted as investments, not speculative assets with new areas like the Metaverse, NFTs, and Defi continuing to solidify their utility,” Kim said.
Since its launch in 2018, the Korean crypto startup has established its presence as one of the major providers of verified data and other disclosures for more than 800 cryptocurrencies, including major digital assets such as Bitcoin and Ethereum.
In 2020, the company raised approximately $4 million in Series A funding which helped to strengthen its foothold in the crypto industry.
VCs Continue to Support Crypto Startups
In recent times, venture capital firms have been flooding the crypto market, investing heavily in crypto-related startups.
In April, UK-based crypto startup Fassat raised $22 million in Series A funding for business expansion across Asia. The funding was led by Liberty City Ventures, Pakistan’s Fatima Gobi Ventures with support from other investors.
That same month, leading blockchain infrastructure provider ox Labs raised $170 million from investors in a series B funding to promote its offerings to global investors. The San Francisco-based company also intends to use part of the funds to develop new blockchain networks and non-EVMs.