by Fintech Information Singapore
July 17, 2024
PEXX, a fintech startup targeted on cryptocurrency and blockchain expertise, has formally launched with US$4.5 million in seed funding.
The spherical was led by TNB Aura, with participation from Antler and EMO Capital.
This funding will help the event of PEXX’s stablecoin-to-fiat fee platform, which goals to enhance world foreign money transfers.
It is going to be used to boost the corporate’s engineering and product groups and to increase advertising and marketing and enterprise improvement efforts, beginning in Southeast Asia.
PEXX’s platform permits customers to switch stablecoins equivalent to USDT and USDC on to financial institution accounts in 16 completely different fiat currencies worldwide, streamlining worldwide transactions with out the necessity for intermediaries.
The platform additionally simplifies the crypto-to-fiat conversion course of, decreasing switch occasions from days to minutes.
PEXX claims to have obtained its AUSTRAC license in Could 2024, permitting it to function as an unbiased remittance seller and digital foreign money switch supplier.
Marcus Lim
Marcus Lim, CEO and Founding father of PEXX mentioned,
“We’re thrilled to have secured this important funding, which can allow us to additional develop our stablecoin-to-fiat fee platform.
The expansion for stablecoins is exponential and we count on to see the demand from customers who need to convert their USDT and USDC on to a checking account to develop accordingly as stablecoins develop into extra ubiquitous over the approaching years.”
Marcus was the Founder and former CEO of Singapore-based cryptocurrency alternate Zipmex which was pressured to shutter its operations as a result of important monetary liabilities.
Vicknesh R
Vicknesh R, Associate at TNB Aura mentioned,
“PEXX addresses a vital want within the B2B cross-border Web3 funds area.
With Marcus on the helm, we’re excited to help their journey in remodeling the monetary panorama.”
Featured picture credit score: Edited from Freepik
