[PRESS RELEASE – Singapore, Singapore, July 16th, 2024]
PEXX, a pioneering fintech startup specialising in cryptocurrency and blockchain expertise, at this time introduced the profitable closure of a $4.5 million seed funding. This important funding will propel the event of the corporate’s progressive stablecoin-to-fiat fee platform, set to revolutionise the best way individuals switch currencies throughout borders.
The funding included 1 spherical led by TNB Aura, with participation from world early-stage VC Antler, plus additional strategic funding from EMO Capital, early backers of Filecoin and different notable VC and crypto buyers highlighting sturdy investor confidence in PEXX’s imaginative and prescient and potential.
PEXX’s fee platform permits customers holding stablecoins from Tether (USDT) and Circle (USDC) to switch their belongings on to a checking account globally. This platform will allow people and companies to switch worth throughout borders with ease, with out the necessity for intermediaries or financial institution accounts.
“We’re thrilled to have secured this important funding, which can allow us to additional develop our stablecoin-to-fiat fee platform,” stated Marcus Lim, CEO and founding father of PEXX. “The expansion for stablecoins is exponential and we anticipate to see the demand from customers who wish to convert their USDT and USDC on to a checking account to develop accordingly as stablecoins change into extra ubiquitous over the approaching years.”
The funding will likely be used to bolster the corporate’s engineering and product groups, in addition to to develop its advertising and marketing and enterprise improvement efforts, beginning in Southeast Asia.
Along with funding, EMO Capital, a research-driven funding participant, will look to assist PEXX in its Web3 advertising and marketing, branding, and strategic partnership efforts and play a pivotal position in its enterprise enlargement, scaling , and person acquisition.
Angelina Tu, co-founder at EMO Capital stated, “Whereas many are constructing to convey conventional Web customers into the Web3 world, PEXX is constructing a compliant, revered, and guarded bridge between the Web3 world and the true world, giving everybody a swift and easy accessibility to changing their digital belongings into their on a regular basis purchases. That is what everybody within the Web3 world wants and the place PEXX finds EMO’s staunch assist.”
Vicknesh R, Associate at TNB Aura stated, “PEXX addresses a important want within the B2B cross-border Web3 funds area. With Marcus on the helm, we’re excited to assist their journey in reworking the monetary panorama,” stated Vicknesh R Pillay, Founding Associate of TNB Aura.
“We’re excited to again PEXX as they construct a transformative platform that bridges the hole between stablecoins and conventional banking. Their strategy to simplifying cross-border funds align completely with our imaginative and prescient of fostering progressive fintech options,” stated Jussi Salovaara, Co-founder and Managing Associate at Antler.
The AUSTRAC registration, obtained in Could 2024, ensures that PEXX adheres to the regulatory requirements, permitting PEXX to function as an impartial remittance seller and digital forex trade supplier. This achievement underscores PEXX’s dedication to stringent compliance, sturdy safety measures, and fostering buyer belief.
PEXX provides a seamless answer for customers and companies to transform stablecoins (USDT and USDC), into 16 completely different fiat currencies. PEXX allows direct transfers into financial institution accounts, streamlining the crypto-to-fiat conversion course of and permits customers to ship cash to financial institution accounts in minutes as an alternative of days with conventional banking options. Thus far, the platform has transacted near US$3,000,000 and onboarded prospects and companies starting from Web3 firms, exchanges and media firms
About PEXX
PEXX is a pioneering stablecoin cross-border fee platform that simplifies world cash transfers. By providing safe, quick, and cost-effective options, PEXX allows customers and companies to off-ramp stablecoins like USDT and USDC to fiat in 16 currencies instantly into financial institution accounts. PEXX’s progressive platform bridges the hole between conventional finance and the world of cryptocurrencies, making world cash transfers seamless and environment friendly.
Customers can attain out to PEXX’s group managers for assist: https://t.me/PEXXOfficial
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