Accelerates Expansion Plans Into Asia and Onboards ex-SWIFT Executive into Team
HONG KONG, Sept 11, 2020 – Hong Kong-based fintech startup XanPool (xanpool.com) announced it has raised US$4.3 million in Pre-A financing led by blockchain technology and service provider OK Group, alongside Hashkey and Gumi Cryptos, to spearhead its infrastructure expansion into the eastern hemisphere.
XanPool’s C2C software enables exchanges, wallets, and other cryptocurrency businesses to settle their crypto-currency to local-currency trades in seconds instead of hours, without taking custody of customer funds throughout the entire process. This is done by having users run XanPool’s custom APIs, which are built into local payment solutions such as FPS in Hong Kong, IBFT in Pakistan, and InstaPay in the Philippines.
The C2C technology allows individuals and businesses to participate in market-making between cryptocurrencies and the local currency by “plugging” their financial infrastructure (such as bank accounts and e-wallets) into the XanPool network. And they will then join an extensive C2C network of 500+ liquidity providers across APAC.
XanPool currently has over 75,000 transacting users in over 8 South East Asian countries, and plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.
Estrella Du, OK Group Investment Department, said: “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. OK Group is excited to partner with XanPool in building the next generation payment infrastructure.”
Jeffery Liu, Chief Executive Officer at XanPool, said, “Our aim is to build the most affordable infrastructure for processing cryptocurrency, and routing 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.”
XanPool’s architecture has applications in cross-border payments as well, says Jeffrey. “Besides our geographical expansion, another focus area for the next few quarters will be the traditional-online merchant payment space. Merchants across Asia are encumbered by legacy routing institutions, intermediaries, and infrastructure.
“Cryptocurrencies can enable instant, peer-to-peer cross-border routing and settlement, cutting out the middle men. Imagine a Pakistan merchant accepting Hong Kong dollars with FPS and receiving Rupees through IBFT within a few minutes.”
Daniel De Weyer, former Global Director at SWIFT having worked for over 20 years in the industry, has also joined the XanPool team as a Director.
XanPool analogizes its ecosystem to a “SWIFT-like Network”, but instead of taking days or weeks to settle, XanPool, using modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and speeds which are magnitudes faster, within seconds. Learn more at xanpool.com.