PEXX, a fintech startup targeted on cryptocurrency and blockchain know-how, has formally launched with US$4.5 million in seed funding.
The spherical was led by TNB Aura, with participation from Antler and EMO Capital.
This funding will help the event of PEXX’s stablecoin-to-fiat fee platform, which goals to enhance world foreign money transfers.
It will likely be used to boost the corporate’s engineering and product groups and to broaden advertising and marketing and enterprise growth efforts, beginning in Southeast Asia.
PEXX’s platform allows customers to switch stablecoins similar to USDT and USDC on to financial institution accounts in 16 completely different fiat currencies worldwide, streamlining worldwide transactions with out the necessity for intermediaries.
The platform additionally simplifies the crypto-to-fiat conversion course of, decreasing switch instances from days to minutes.
PEXX claims to have obtained its AUSTRAC license in Might 2024, permitting it to function as an impartial remittance vendor and digital foreign money switch supplier.
Marcus Lim
Marcus Lim, CEO and Founding father of PEXX stated,
“We’re thrilled to have secured this vital funding, which is able to allow us to additional develop our stablecoin-to-fiat fee platform.
The expansion for stablecoins is exponential and we anticipate to see the demand from customers who need to convert their USDT and USDC on to a checking account to develop accordingly as stablecoins grow to be extra ubiquitous over the approaching years.”
Marcus was the Founder and former CEO of Singapore-based cryptocurrency trade Zipmex which was compelled to shutter its operations because of vital monetary liabilities.
Vicknesh R
Vicknesh R, Companion at TNB Aura stated,
“PEXX addresses a important want within the B2B cross-border Web3 funds area.
With Marcus on the helm, we’re excited to help their journey in remodeling the monetary panorama.”
Featured picture credit score: Edited from Freepik
