Blockchain-enabled financial institution XREX Group received $18.75 M from Tether
The global digital asset company Tether has revealed a strategic $18.75 million investment in Taiwan-based XREX Group, a fully regulated financial institution enabled by blockchain technology.
According to a statement released by XREX on Wednesday, the objectives of this partnership are to advance innovation in the digital asset sector, make USDT-based cross-border payments easier in developing economies, and develop innovative regulatory technology.
With the support of Tether, XREX will enable compliant, business-to-business (B2B) cross-border payments based on USDT in developing markets, revolutionizing financial transactions by providing companies with increased simplicity, effectiveness, and possibly lower costs.
Furthermore, in order to give consumers a stable substitute and an inflation hedge, XREX will collaborate with the Unitas Foundation to introduce XAU1, a USD-pegged unitized stablecoin over-reserved with Tether Gold (XAUt).
Through this partnership, regulatory technology (RegTech) will be more innovatively driven, improving methods for identifying and stopping the illegal use of stablecoins.
Tether and XREX share a commitment to responsible financial stewardship and to creating a trustworthy, safe, and open environment for all cryptocurrency users in developing nations.
“Tether’s strategic investment in XREX Group signifies our unwavering commitment to fostering financial inclusion in emerging markets,” said Paolo Ardoino, Chief Executive Officer of Tether.
“Our collaboration with XREX will spearhead several groundbreaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payment, setting a new standard for financial accessibility and efficiency in the region,
“This latest investment aligns with Tether’s long-term vision of building a resilient infrastructure that extends beyond the confines of the crypto market, as demonstrated by our diversified investments in various industry sectors,” he added.
Chief Executive Officer of XREX Group Wayne Huang stated that Tether and XREX have effectively worked together to assist law enforcement in locating, apprehending, and sentencing offenders.
“With Tether’s strong support and investment, we’re expanding this success into a RegTech product line that further refines XREX Group as a responsible financial institution,” he added.
