As per the latest reports, XREX has reported that it has carried out a successful funding round. The firm has revealed that the particular funding round was for pre-A investment. XREX is a fintech company that has been providing its services through the blockchain network.
The firm has reported that from the pre-A investment round, it has successfully generated $17 million. According to executives from XREX, there were several investors involved in the funding round making it a huge success.
XREX revealed that a consortium of global investors was responsible for leading the particular funding round. There were several mainstream institutions that participated in the particular funding round. The firm reported the same thing as all other crypto firms in terms of participation from mainstream institutions.
With the ever-growing cryptocurrency market, its demand is constantly growing because of the profitability it has to offer. The cryptocurrency industry is also offering an abundance of convenience and usability to mainstream institutions.
Plus, cryptocurrencies have also proven to be very profitable when it comes to being long-term investments. Based on their usability, the cryptocurrency industry has gained tremendous growth and thus, it is gaining much of mainstream institutions’ attention.
The major entity leading the pre-A investment round was CBID Capital Group, which is a company based in Taiwan and being traded publicly.
Apart from CBID Capital Group, other participants included banking solutions from different countries. Furthermore, there were venture capital firms from different regions around the world. Some of the major regions that participated in the funding round were Asia, Europe, and North America.
There were several other companies that are publicly listed, that participated in the particular funding round. Names of some of the companies include Systex Corporation, E.Sun Venture Capital, ThreeD Capital, and a subsidiary of SBI Holdings, SBI Investment.
Some more participants in the funding round were National Development Fund from the aTaiwan government, Seraph Group, Metaplanet Holdings, New Economy Ventures, and Black Marble.
The firm has announced that with the help of the funds raised from the funding round, it is aiming to expand its services and licenses. The firm announced that it is going to use the funds for the expansion of its portfolio for fiat currencies.
The firm has revealed that it is going to acquire new licenses for making its services available in more jurisdictions and areas for the benefit of its users.
In addition to the above, the firm has announced that it is aiming to make new partnerships. These partnerships will be established with different firms that are providers of digital wallets and are financial institutions.
One of the major targets for the company is to solve the liquidity shortages of the US dollar in markets that are now emerging. The firm vows to make it happen with the help of blockchain technology.