The crypto-to-crypto infrastructure provider Xanpool is expanding its activities in the Asia-Pacific region (APAC) by securing new financing.
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-founder Peter Thiel.
Other participating investors include crypto-focused venture capital company CMT Digital, as well as angel investors such as TransferWise co-founder Taavet Hinrikus, Xanpool announced on Friday.
Xanpool operates in 13 countries in the Asia-Pacific region and would like to further strengthen its presence in the region with new resources. Jeffery Liu, CEO of Xanpool, told Cointelegraph that the startup operates in countries like India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan.
“In the next one or two quarters, we will be expanding our services mainly to a few other APAC countries. In addition to consolidating our holdings in existing markets, ”said Liu.
Since it was launched in March 2019, the platform has so far attracted more than 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to increase our user base 20-fold to 10 million users across the Asia-Pacific region,” said the CEO.
XanPool is a peer-to-peer cryptocurrency platform and liquidity network based on the liquidity of its participants. The platform uses the unused funds of individuals and companies to process transactions in currencies and cryptocurrencies, reduce counterparty risks and costs, and enable liquidity providers (LP) to earn up to 2% on their unused capital.
Xanpool’s CEO told Cointelegraph that the startup runs software that is similar to the decentralized financial platform Uniswap. “Except that our automated market maker is automating between crypto and fiat instead of crypto to crypto,” noted Liu.
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“Instead of crypto-native LPs, our LPs range from traditional import and export companies to money service providers and crypto funds. This liquidity is essentially used to pay for local currencies and crypto transactions instantly from a personal or business wallet, ”said the CEO. Liu emphasized that Xanpool never touches personal or business wallets.
“We are simply developing software that enables individuals or companies to automate their buying and selling in exchange for earning a fee,” said the manager.
The most recent funding brings XanPool’s total revenue to approximately $ 32 million, including previous funding from individual investors. The company raised $ 4.3 million in a pre-A funding round in addition to its official launch last November.