XREX, a Taipei-based crypto-fiat fintech firm, has recently closed its $17 million Pre-A round. The funding round was a huge success as it was oversubscribed by 200%.
The round was led by CDIB Capital Group, an association of global investors such as public companies, VCs, major banks, and leading fintech investors from Asia, North America and Europe.
CDIB was an early investor in XREX. After witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round.
Ryan Kuo, Head of CDIB Capital Innovation Fund
The participation of publicly-listed companies shows that XREX is committed to the compliance of regulations.
Other investors participating in the round include SBI Investment, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corp, Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group.
With this funding, XREX will be able to expand its fiat currency portfolio, obtain additional licenses, and form partnerships with more financial institutions and digital wallets.
Our mission is to foster global financial inclusion by leveraging blockchain. Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.
Wayne Huang, CEO and Co-founder of XREX
XREX plans to launch a user Reputation Index on the following year, in order to support safety, transparency and accountability while promoting social networking.