Crypto-to-fiat liquidity start-up Xanpool raises $ 27 million

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Fiat-based cryptocurrency infrastructure provider Xanpool continues to expand its operations in the Asia Pacific (APAC) region by securing new funding.

The Hong Kong-based startup raised $ 27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.

Other participating investors included crypto venture capital firm CMT Digital, as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced on Friday.

Running operations in 13 countries through APAC, Xanpool seeks to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan. .

“Over the next two quarters, we will primarily expand our services to a few other APAC countries. In addition to consolidating our hold on existing markets, ”Liu noted.

Since its launch in March 2019, the platform has so far amassed more than 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to grow our user base by 20 times to reach 10 million users in APAC,” said the CEO.

XanPool is a peer-to-peer crypto-to-fiat platform and liquidity network leveraging the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle transactions between currencies and cryptocurrencies, thereby reducing counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to at 2% on their inactive capital.

The CEO of Xanpool told Cointelegraph that the startup runs software similar to that of the decentralized financial platform Uniswap. “Except instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu noted.

Related: Crypto Fintech MoonPay Reportedly Targeting $ 3.4 Billion Valuation In First VC Funding

“Instead of native crypto LPs, our LPs range from traditional import-export companies to money services operators and crypto funds. This liquidity is primarily used to settle local currency and cryptocurrency transactions immediately from the individual or company’s wallet, ”said the CEO. Liu pointed out that Xanpool never touches any money on the wallets of individuals or companies.

“We are just making software that allows the individual or business to automate their buying and selling, and in return save costs,” said the executive.

The latest funding brings the total XanPool raised to around $ 32 million, including previous funding from individual investors. The company raised $ 4.3 million in a pre-A fundraising round last November as part of its official launch.

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