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XREX, a blockchain fintech firm has concluded a $17 million pre-A investment round led by a consortium of international investors, driven by the CDIB Capital Group, a publicly traded company based in Japan. The funding round also included investors from major banks, venture capital firms, and financial institutions from North America, Asia, and Europe.
Blockchain Company XREX Secures $17 Million Funding Led by CDIB Capital Group
CDIB Capital Group led the consortium in which XREX, a blockchain fintech company, managed to secure $17 million in funding.
In the funding round, several other publicly listed companies such as E.Sun Venture Capital, Systex Corporation, SBI Holdings, ThreeD Capital, Seraph Group, New Economy Ventures, National Development Fund of the Taiwan Government, and Black Marble also took part.
As for the usage of funds, XREX said that the funds are going to be utilized in the expansion of its fiat cryptocurrency portfolio, acquiring licenses, and entering into new partnerships with the providers of digital wallets and financial institutions.
The major aim of the company is to use blockchain technology to solve dollar lucidity shortages in emerging markets.
Wayne Huang, the co-founder, and CEO of XREX said:
“We keenly understand the struggles faced by many cross-border merchants who lack safe access to U.S. dollar liquidity.”
In response to this, his company is operating with the financial institutions and regulators to develop tools that will aid merchants and small businesses in emerging markets to reduce forex loss and gain more reliable access to the US Dollar.
US Dollar’s Position as Global Reserve Currency Under Threat
Due to the heavy interference of the Federal Reserve and de-dollarization efforts in China and Russia, the greenback is still the most widely used currency in the world.
In addition to this, the COVID-19 pandemic put a strain on the US dollar liquidity specifically in the emerging markets relying heavily on the dollar.