Author: Chainwire
July 9, 2024 - PEXX, a pioneering fintech startup focused on cryptocurrency and blockchain technology, announced today that it has successfully raised $4.5 million in a funding round. This significant investment will drive the development of the company’s innovative stablecoin-to-fiat payment platform, which is expected to revolutionize the way people transfer their currency assets across borders.
PEXX, which is strategically invested by EMO Capital, an early venture capital institution in the web3 field, was previously led by TNB Aura, followed by global early venture capital firm Antler, and early venture capitalists of crypto projects such as Chainlink/Filecoin. This shows that investors are full of confidence in the vision and potential of PEXX.
PEXX’s payment platform allows users who hold Tether (USDT) and Circle (USDC) stablecoins to transfer digital assets directly to global bank accounts. This platform enables any individual or business to easily transfer monetary assets across borders without the need for intermediaries or bank accounts.
“We are delighted to have the confidence of our investors to raise this funding, which will enable us to further develop the PEXX stablecoin-to-fiat payment platform,” said Marcus Lim, Founder and CEO of PEXX. “The use and demand for stablecoins is growing rapidly, and the trend of stablecoin adoption has become increasingly clear. The real demand for cryptocurrencies such as USDT and USDC to be directly converted into bank accounts will continue to grow.”
The funds will be used to incentivize PEXX’s engineering and product teams, as well as expand its marketing and business development efforts, starting with Southeast Asia.
In addition to providing funding support for this round, strategic investment institution EMO Capital will also provide continuous support to the PEXX team in Web3 marketing strategies, brand building, etc. Its pragmatic and efficient post-investment support team will play a key role in helping the PEXX team in user growth, business expansion, brand building, compliance solutions, subsequent financing, strategic mergers and acquisitions, etc.
Angelina Tu, co-founder of EMO Capital, said: "Many payment institutions are working hard to bring traditional Internet users into the crypto space, but the PEXX team provides the best solution for users in the 'crypto world' to pay and consume in the 'real world', building a compliant, respected and protected bridge. This is highly consistent with EMO's focus at this stage, and we give PEXX firm support."
Vicknesh R Pillay, Founding Partner of TNB Aura, said: “PEXX addresses a critical need in the B2B cross-border Web3 payments space. With Marcus at the helm of the team, we are excited to support them on their journey to transform the financial payments landscape.”
Jussi Salovaara, Co-founder and Managing Partner of Antler, said: “We are delighted to support PEXX as they build a transformative payments platform that will bridge the gap between stablecoins and traditional banks. This approach to simplifying cross-border payments is fully aligned with our vision of fostering innovative fintech solutions.”
PEXX received its AUSTRAC license in May 2024, ensuring compliance with the highest regulatory standards and enabling PEXX to operate as an independent remittance transaction facilitator and digital currency transfer service provider. This achievement highlights PEXX's commitment to strict compliance, robust security measures, and building customer trust.
PEXX provides a seamless payment solution that allows users and businesses to exchange stablecoins (USDT and USDC) into 16 different fiat currencies. Supporting direct transfers to bank accounts, PEXX will simplify the cryptocurrency-to-fiat exchange process, allowing users to transfer funds to their designated bank accounts in minutes, rather than the days it takes with traditional banking solutions.
About PEXX:
PEXX's pioneering stablecoin cross-border payment platform will simplify global money transfers. By providing a secure, fast and cost-effective solution, PEXX enables users and businesses to convert stablecoins such as USDT and USDC into 16 fiat currencies directly into bank accounts. PEXX's innovative payment platform will eliminate the silos between traditional finance and cryptocurrencies, enabling smooth and efficient global money transfers.
For more information, please visit linktr.ee/pexxme or contact the media relations team listed below.
