HONG KONG-BASED XanPool has bagged US$4.3 million in pre-Series A financing to spearhead its infrastructure expansion into the eastern hemisphere.
The funding round was led by blockchain technology and service provider OK Group, alongside HashKey and crypto venture fund Gumi Cryptos, XanPool said in a statement on Monday.
The fintech startup has over 75,000 transacting users in more than eight South-east Asian countries, and plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.
XanPool chief executive officer Jeffery Liu said the money raised will allow the startup to expand beyond South-east Asia. The startup's aim is to build the most affordable infrastructure for the processing of cryptocurrency and routing of local currency, he said.
Besides geographical expansion, Mr Liu said one of the focus areas for XanPool in the next few quarters will be the traditional-online merchant payment space.
"Merchants across Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure," he said.
Compared with conventional crypto exchanges which require long waiting times of several hours or days to clear deposits and withdrawals, XanPool's payment infrastructure allows instant processing of traditional and cryptocurrencies without custody risk.
XanPool also announced that Daniel De Weyer has joined as director after over two decades at SWIFT, where he was global director. He will assist in and lead some of XanPool's geographic and product expansion effort westwards, the statement said.