Singapore, Singapore, July 16th, 2024,
Chainwire
PEXX, a pioneering
fintech startup specialising in cryptocurrency and blockchain
technology, today announced the successful closure of a $4.5
million seed funding. This significant investment will propel the
development of the company's innovative stablecoin-to-fiat payment
platform, set to revolutionise the way people transfer
currencies across borders.
The funding included 1 round led by TNB
Aura, with participation from global early-stage VC Antler, plus
further strategic investment from EMO Capital, early backers of
Filecoin and other notable VC and crypto investors highlighting
strong investor confidence in PEXX's vision and
potential.
PEXX's payment platform allows users
holding stablecoins from Tether (USDT) and Circle (USDC) to
transfer their assets directly to a bank account globally. This
platform will enable individuals and businesses to transfer value
across borders with ease, without the need for intermediaries or
bank accounts.
"We're thrilled to have secured this significant
funding, which will enable us to further develop our
stablecoin-to-fiat payment platform," said Marcus Lim, CEO and
founder of PEXX. "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."
The funding will be used to bolster the
company's engineering and product teams, as well as to expand its
marketing and business development efforts, starting in Southeast
Asia.
In addition to funding, EMO Capital, a
research-driven investment player, will look to support PEXX in its
Web3 marketing, branding, and strategic partnership efforts and
play a pivotal role in its business expansion, scaling , and user
acquisition.
Angelina Tu, co-founder at EMO Capital said, "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."
Vicknesh R, Partner at TNB Aura said, "PEXX addresses a
critical need in the B2B cross-border Web3 payments space. With
Marcus at the helm, we are excited to support their journey in
transforming the financial landscape," said Vicknesh R Pillay,
Founding Partner of TNB Aura.
"We are excited to back PEXX as they build a
transformative platform that bridges the gap between stablecoins
and traditional banking. Their approach to simplifying cross-border
payments align perfectly with our vision of fostering innovative
fintech solutions," said Jussi Salovaara, Co-founder and Managing
Partner at Antler.
The AUSTRAC registration, obtained in
May 2024, ensures that PEXX adheres to the regulatory standards,
allowing PEXX to operate as an independent remittance dealer and
digital currency exchange provider. This achievement underscores
PEXX's commitment to stringent compliance, robust security
measures, and fostering customer trust.
PEXX offers a seamless solution for
users and businesses to convert
stablecoins (USDT and USDC), into 16 different fiat currencies.
PEXX enables direct transfers into bank accounts, streamlining the
crypto-to-fiat conversion process and allows users to send money to
bank accounts in minutes instead of days with traditional banking
solutions. To date, the platform has transacted close to
US$3,000,000 and onboarded customers and businesses ranging from
Web3 companies, exchanges and media companies
About PEXX
PEXX is a pioneering
stablecoin cross-border payment platform that simplifies global
money transfers. By offering secure, fast, and cost-effective
solutions, PEXX enables users and businesses to off-ramp
stablecoins like USDT and USDC to fiat in 16 currencies directly
into bank accounts. PEXX's innovative platform bridges the gap
between traditional finance and the world of cryptocurrencies,
making global money transfers seamless and efficient.
Users can reach out to PEXX's community
managers for help: https://t.me/PEXXOfficial
Contact
PEXX Marketing
Team
PEXX Technology Pte
Ltd
marketing@pexx.com