XanPool, a payments infrastructure developer that operates in more than 13 countries in the Asia Pacific region, has acquired $27 million in capital via a Series A round that was led by Valar Ventures, along with contributions from investors such as CMT Digital, as well as angel investor Taavet Hinrikus (Founder and Chairman of cross-border payments Fintech Wise).
James Fitzgerald from Valar Ventures stated:
“It’s impressive seeing how XanPool has capitalized on the adoption of cryptocurrency to build a decentralized payment network powered by this new asset class. This space is evolving quickly; the incumbents aren’t going to know what hit them.”
XanPool is a Payments and Liquidity Network.
Similar to Mastercard or Visa, but instead of a closed network of banks as partners, XanPool’s open C2C network is “made out of individuals and businesses, whose idle capital is used to settle cross-currency, and cryptocurrency transactions,” the announcement explained.
By doing this, XanPool “reduces the counterparty risk and costs associated with these forms of transfers, while also allowing the individual and business liquidity providers to earn fees of up to 2% a month on their idle capital,” the update noted.
With more than 500,000 users, and 400+ business partners. XanPool is focused on consolidating its presence in the APAC area, and to further expand its line of products and services.
Jeffery Liu, CEO at XanPool, remarked:
“XanPool started as a small software innovation in the Peer-to-Peer technology space, allowing users to settle their cryptocurrency to local-currencies within seconds without taking custody risk. Our C2C network has since grown into Asia’s largest decentralized liquidity pool with over US$200 million of liquidity. Today, the network is not only used by cryptocurrency users but also hundreds of underserved businesses that traditional payment processors cannot service due to risk or cost factors which the XanPool network does not have.“
“In the coming years, XanPool’s network will look more similar to that of the SWIFT Network. Just like SWIFT, XanPool does not hold liquidity itself, instead, it relies on the liquidity of all the participants using the network. Just like SWIFT, 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.”
As previously reported, XanPool software enables anyone to support Crypto to Fiat on or offboarding. Instantly executing and settling transactions “without taking custody of customer funds.”
Their C2C software solution and liquidity network “make the onboarding and offboarding infrastructure in crypto much more user-friendly, and resilient against existing infrastructure dependency (such as bank partners).” They allow institutions and retail to be “on and off-board regardless of their infrastructural limitations.”
XanPool compares its collective tech to a “SWIFT-like Network”, but instead of taking days or weeks to settle, XanPool, “using only more modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and speeds which are magnitudes faster, within seconds.”