In Brief:
- Xanpool managed to raise $27 million in the Series A financing round.
- The Funding round led by the venture capital firm Valar Ventures.
- It’s aiming to expand its product offerings and solidify its presence in the Asia Pacific region.
Xanpool, the leading crypto payments firm, has raised over $27 million in a Series A funding round. Valar Ventures, a venture capital firm co-founded by PayPal co-creator Peter Thiel, led the funding round.
CMT Digital, a crypto-focused venture capital firm, as well as angel investors such as TransferWise co-founder Taavet Hinrikus, also participated.
Last August, Bitpanda raised $263 million in a round of funding headed by Valar Ventures.
XanPool is a peer-to-peer crypto-to-fiat platform and liquidity network that relies on the liquidity of its users. It’s aiming to expand its product offerings and solidify its presence in the Asia Pacific region.
Jeffery Liu, Chief Executive Officer at XanPool stated, “XanPool earns fees based on the communication that its software facilitates. But unlike SWIFT, XanPool is compatible with modern payment solutions like Cryptocurrency, Fast-Payments, and E-wallets. You can expect more innovation from XanPool in this direction.”
Rather than relying on a closed network of banks as partners, XanPool’s open C2C network is composed of individuals and businesses whose idle capital is used to settle cross-currency and cryptocurrency transactions.
XanPool reduces the counterparty risk and costs associated with these types of transfers while also allowing individual and business liquidity providers to earn up to 2% per month on their idle capital.
XanPool currently operates in over 13 countries and intends to continue providing infrastructure to third-party exchanges, wallets, and decentralized applications rather than developing its app.
