PEXX Raises $4.5 Million in Seed Funding for its Innovative Stablecoin-to-Fiat Payment Platform
SINGAPORE, July 17, 2024 /PRNewswire/ -- PEXX, a pioneering fintech startup specialising in cryptocurrency and blockchain technology, today announced the successful closure of a $4.5 million seed funding. This significant investment will propel the development of the company's innovative stablecoin-to-fiat payment platform, set to revolutionise the way people transfer currencies across borders.
The funding included 1 round led by TNB Aura, with participation from global early-stage VC Antler, plus further strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors highlighting strong investor confidence in PEXX's vision and potential.
PEXX's payment platform allows users holding stablecoins from Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account globally. This platform will enable individuals and businesses to transfer value across borders with ease, without the need for intermediaries or bank accounts.
"We're thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform," said Marcus Lim, CEO and founder of PEXX. "The growth for stablecoins is exponential and we expect to see the demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years."
The funding will be used to bolster the company's engineering and product teams, as well as to expand its marketing and business development efforts, starting in Southeast Asia.
In addition to funding, EMO Capital, a research-driven investment player, will look to support PEXX in its Web3 marketing, branding, and strategic partnership efforts and play a pivotal role in their business expansion, scaling , and user acquisition.
Angelina Tu, co-founder at EMO Capital said, "While many are building to bring traditional Internet users into the Web3 world, PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world, giving everyone a swift and easy access to converting their digital assets into their everyday purchases. This is what everyone in the Web3 world needs and where PEXX finds EMO's staunch support."
Vicknesh R, Partner at TNB Aura said, "PEXX addresses a critical need in the B2B cross-border Web3 payments space. With Marcus at the helm, we are excited to support their journey in transforming the financial landscape," said Vicknesh R Pillay, Founding Partner of TNB Aura.
"We are excited to back PEXX as they build a transformative platform that bridges the gap between stablecoins and traditional banking. Their approach to simplifying cross-border payments align perfectly with our vision of fostering innovative fintech solutions," said Jussi Salovaara, Co-founder and Managing Partner at Antler.
The AUSTRAC registration, obtained in May 2024, ensures that PEXX adheres to the regulatory standards, allowing PEXX to operate as an independent remittance dealer and digital currency exchange provider. This achievement underscores PEXX's commitment to stringent compliance, robust security measures, and fostering customer trust.
PEXX offers a seamless solution for users and businesses to convert stablecoins (USDT and USDC), into 16 different fiat currencies. PEXX enables direct transfers into bank accounts, streamlining the crypto-to-fiat conversion process and allows users to send money to bank accounts in minutes instead of days with traditional banking solutions. To date, the platform has transacted close to US$3,000,000 and onboarded customers and businesses ranging from Web3 companies, exchanges and media companies
About PEXX:
PEXX is a pioneering stablecoin cross-border payment platform that simplifies global money transfers. By offering secure, fast, and cost-effective solutions, PEXX enables users and businesses to off-ramp stablecoins like USDT and USDC to fiat in 16 currencies directly into bank accounts. PEXX's innovative platform bridges the gap between traditional finance and the world of cryptocurrencies, making global money transfers seamless and efficient.
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SOURCE PEXX
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