Pre-series capital has been raised in XLD Finance, a decentralised ecosystem built on stablecoin, for US $13 million. Two cryptocurrency investors, Dragonfly Capital and Infinity Ventures Crypto are leading a financing round.
The platform creates the infrastructure necessary to connect Web3 and cryptocurrency initiatives to conventional funding. Payments, disbursements, and crypto-to-fiat offramp APIs are some of its goods.
With a total merchant network of over 10,000 partners, XLD Finance presently conducts business in the Philippines, Indonesia, Malaysia, Vietnam, India, and Bangladesh.
The money will go toward expanding XLD Finance’s product and technical teams as well as quickening the creation of its API and product. The start-up will also be utilised to widen the network of authorised partner retailers, billers, and financial institutions.
A platform called xSpend, which was introduced by XLD Finance in January 2022, allows users to use stablecoins and GameFi tokens to pay for products and services, mobile credits, and utility bills. xSpend accepts a variety of cryptocurrency wallets, such as Metamask, Phantom, and Ronin.
OmniX, a platform for crypto distribution for guilds and projects that streamlines paying thousands of individuals into three clicks, was just launched by the firm.
The XLD Finance plan comprises a Web3 wallet software development kit, an algorithmic stablecoin, and a crypto settlement API for retailers (SDK).
