As the pre-Series A funding round of XanPool gets completed, the Hong Kong-based fintech startup announced that it has raised a total of $4.3 million.
The crypto-to-fiat gateway infrastructure provider further notified that it’s funding round was led by OK Group. Other than that there were a few more venture firms like HashKey and Gumi Cryptos that have participated in the round.
XanPool To Expand Its Business
As per the statement released by XanPool, the freshly raised fund would be used by it to grow its business into the Eastern hemisphere.
XanPool, which has been established in the year 2019, allows users to transform the local fiat currency into cryptocurrency or vice-versa.
The crypto-fiat-gateway has also mentioned that there could be a bit of similarity between its operation and crypto exchange’s operations but they are totally different.
Further, it specified that usually, the crypto exchanges protect the customer’s funds but XanPool does not. Also, compared to crypto exchanges, XanPool takes less time in processing any transaction.
The fintech startup also stated, “XanPool…software enables users to settle their cryptocurrency to local fiat currency in seconds instead of hours, without taking custody of customer funds throughout the entire process.”
XanPool Uses C2C Software
According to a report, in order to settle its transactions in just a few seconds, XanPool uses C2C software. The software used by the fintech startup helps the platform users to plug-in their financial structure to the XanPool Network. Later, those users are linked with an extensive C2C network for the further process.
It has been reported that the software used by the platform helps the local payment solution of the firms. For example, in Hong Kong, the software supports FPS, in Pakistan IBFT, and in the Philippines it supports InstaPay.
As per XanPool’s notification, presently, its business is expanded in over eight Southeast Asian Countries and soon it would be growing its business to Pakistan, Bangladesh, Japan, Korea and many more countries.