The successful completion of a $4.5 million seed funding round was announced by Singapore-based fintech startup PEXX on Tuesday. The company specializes in blockchain technology and cryptocurrencies.
The funding was made up of a first round led by TNB Aura, in which Antler, a global early-stage venture capital firm, participated, as well as additional strategic investment from EMO Capital, Filecoin’s original backers, and other prominent VC and cryptocurrency investors, according to a statement from PEXX.
Additionally, it stated that the company’s cutting-edge stablecoin-to-fiat payment platform will advance due to this sizeable investment.
The company plans to use the funding to expand its marketing and business development efforts, initially in Southeast Asia, and to strengthen its engineering and product teams.
A key player in PEXX’s business growth, scaling, and user acquisition, EMO Capital is a research-driven investment player that will also provide funding and support PEXX in its Web3 marketing, branding, and strategic partnership initiatives.
“We’re thrilled to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform,
“The growth for stablecoins is exponential and we expect to see the demand from users who want to convert their USDT and USDC directly to a bank account to grow accordingly as stablecoins become more ubiquitous over the coming years,” said Marcus Lim, Chief Executive Officer and Founder of PEXX.
Global money transfers are made easier with PEXX, a stablecoin cross-border payment platform.
Users that own stablecoins from Tether (USDT) and Circle (USDC) can move their funds directly to a bank account anywhere in the world using the company’s payment platform.
This platform will make it simple for people and companies to transfer money across borders without the use of middlemen or bank accounts.
“While many are building to bring traditional Internet users into the Web3 world, PEXX is building a compliant, respected, and protected bridge between the Web3 world and the real world, giving everyone a swift and easy access to converting their digital assets into their everyday purchases,
“This is what everyone in the Web3 world needs and where PEXX finds EMO’s staunch support,” said Angelina Tu, Co-founder at EMO Capital.
