Following a pre-A funding series led by blockchain technology and service provider OK Group, HongKong-based fintech startup XanPool, announced today that it has raised $4.3million for infrastructural expansion. Other investors in the round are Hashkey and Gumi Cryptos.
XanPool is developing a C2C payment solution that allows instant processing of traditional payments and cryptocurrencies without custodial risks such as high-end exit scams associated with centralized exchanges.
At the time of writing, XanPool has a userbase of over 75,000, across 8 South East Asian countries. With the new capital, the fintech startup hopes to expand its payment infrastructure into the eastern hemisphere.
Customers are required to run the XanPool custom API engraved into other local payment platform solutions like the HongKong FPI to convert digital currency into fiat currency in an instant.
Founded in 2008, Spain-based OK Group has gained a reputation in the blockchain industry for researching and investing in blockchain-related projects.
Commenting on the development, Estrella Du, an OK Group spokesman, said,
OK Group is excited to partner with XanPool in building the next generation payment infrastructure. The Eastern Hemisphere has seen massive adoption of digital payments; we think XanPool’s first-principles reconsideration of crypto on and offboarding infrastructure can drive massive efficiency in the Asian ecosystem.
With tested and proven architectural applications in cross border payments, XanPool hopes to expand its payment borders to include businesses round Asian and environs. XanPool’s executive officer, Jeffery Liu, stated,
Besides our geographical expansion, one of the focus areas for our next few quarters will be the traditional-online merchant payment space.
XanPool said it has plans in place to put the $4.3million into good use. Liu added: “We aim to build the most affordable infrastructure for the processing and of cryptocurrency, and routing of local currency; the money raised will allow us to expand beyond Southeast Asia and reach out to a wider group of users on the Eastern Hemisphere.”
OK Group remains dedicated to promoting blockchain adoption and development. Coinfomania reported in June that the company launched a blockchain development scheme in China dubbed “OK Recruit” to train 1,000 people in the Asian country as blockchain elites.