Tether invests over $18m in cross-border exchange startup XREX

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As an analyst with a background in fintech and experience in the crypto industry, I’m excited about XREX’s latest funding round led by Tether. This investment marks a significant step forward for XREX in expanding its USDT-based B2B payments solution in emerging markets.

XREX, a fintech company specializing in cross-border payments, announced the successful completion of a $18.75 million investment round led by Tether. With these funds, we aim to broaden the application of USDT (Tether’s stablecoin) for transactions in emerging markets, thereby increasing accessibility and convenience for our users.

I. XREX, a leading cross-border crypto exchange platform, has secured approximately $19 million in funding from Tether, the creators of USDT stablecoin. II. This investment will enable XREX to expand its focus on B2B stablecoin payments in emerging markets, thereby doubling down on its business strategy in this area.

As a researcher, I’ve come across an intriguing announcement from a Taiwan-based company named XREX. According to their press release dated June 5, they aim to invest $18.75 million to streamline USDT-based cross-border B2B transactions in emerging markets. This move is set to revolutionize financial exchanges, providing businesses with enhanced ease, efficiency, and possibly reduced costs.

“Through our partnership with XREX, the Unitas Foundation will pioneer innovative projects, such as introducing a novel unitized stablecoin and enabling USDT-supported cross-border transactions. This collaboration is poised to revolutionize financial services in the area, offering unmatched accessibility and efficiency.”

Tether CEO Paolo Ardoino

Established in 2018, XREX boasts an impressive roster of investors. Notable backers include the Taiwanese Government National Development Fund, CDIB Capital Group, and SBI Holdings. This investment follows XREX Singapore’s successful acquisition of a license from the Monetary Authority of Singapore to provide services in the region.

As a crypto investor, I’m excited to be part of Tether’s recent global expansion efforts. In early May, we made an investment in CityPay, a payment service based in Georgia, marking our entry into Eastern Europe. Furthermore, we signed a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO) in Ras Al Khaimah, UAE. Our collaboration with RAK DAO aims to promote the adoption of Bitcoin technology and stablecoins in this region through several strategic initiatives.

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2024-06-05 12:36