Tether, one of the major players in the digital asset market, has revealed a new investment round of $18. $75 million in XREX Group, a fully regulated, blockchain-based financial firm. This partnership is expected to increase innovation in the digital asset space. It will enable cross border payments through USDT in the new markets, and improve regulatory technology.
Tether Invests $18.75M in XREX Group to Drive Financial Inclusion in Emerging MarketsLearn more: https://t.co/R1rs7ZPoZc
— Tether (@Tether_to) June 5, 2024
Tether Invests in XREX to Enhance Cross-Border B2B Payments
As a result of the funding from Tether, XREX aims at providing compliant cross-border B2B payments in emerging markets using USDT. This is expected to revolutionise financial transaction through providing businesses more convenience, speed and in some cases possible affordable fees. Furthermore, XREX plans to collaborate with the Unitas Foundation to release XAU1, a USD-anchored unitized stablecoin backed by Tether Gold (XAUt). This stablecoin plans to allow customers to have a stable option and a way to protect themselves against inflation.
The partnership is expected to also promote innovation in Regulatory Technology (RegTech). It will provide solutions which used to detect and prevent the illegal use of stablecoins. Commitment to responsible financial oversight by Tether agrees with XREX’s dedication to create a safe, easier and more trustworthy environment for users of cryptocurrencies in these rapidly growing markets.
This strategic investment in XREX Group is an example of Tether’s commitment to help promote financial inclusion and development for emerging markets around the world said Paolo Ardoino, Chairman of Tether. Ardoino added that the advanced USDT Foundation will produce its unique compound multifunctional stablecoin and promote cross-border USDT-based payments.
Tether’s Investment in XREX Could Transform Global Financial Systems
Wen Huang, CEO of XREX Group, said that this cooperation has been successful in assisting law enforcement authorities in locating, detaining and sentencing criminals. With Tether’s strong support and investment, XREX is taking this same successful formula into a RegTech product series, categorizing the type of problem that many people have complained of XREX Group now as a responsible financial institution.
Winston Xiaojun Hsiao, CRO of XREX Group, expressed gratitude to Tether and other existing investors for their participation in this round of funding. Hsiao indicated that it could bring long term positive changes in today’s global clearing and settlement systems.
This announcement underscores Tether’s ongoing work to spread cryptocurrency adoption in emerging realms worldwide. It will empower underserved communities and promote a more interconnected and inclusive financial landscape.