PEXX, a fintech startup focused on cryptocurrency and blockchain technology, has officially launched after raising $4.5 million in seed funding.
The round was led by TNB Aura, with participation from Antler and EMO Capital.
This investment is PexA stablecoin-to-fiat payments platform aimed at improving global currency transfers.
The funding will be used to strengthen the company’s engineering and product teams and expand its marketing and business development efforts, starting in Southeast Asia.
PEXX’s platform allows users to send stablecoins such as USDT and USDC directly to bank accounts in 16 different fiat currencies around the world, streamlining international transactions without the need for an intermediary.
The platform also simplifies the crypto-to-fiat conversion process, reducing transfer times from days to minutes.
PEXX claims it will receive an AUSTRAC license in May 2024, allowing it to operate as an independent remittance dealer and digital currency remittance provider.
Marcus Lim
“PEXX is excited to join forces with PEXX to bring our innovative technology to the market,” said Marcus Lim, CEO and founder of PEXX.
“We are very pleased to have secured this significant amount of funding, which will enable us to further develop our stablecoin-to-fiat payments platform.”
The growth of stablecoins has been exponential, and as they become more popular over the next few years, we expect the demand from users wanting to convert USDT and USDC directly into their bank accounts to grow accordingly.”
Marcus is the founder and former CEO of Singapore-based cryptocurrency exchange Zipmex. Suspending business Due to large financial debt.
Viknesh R
Vicknesh R, Partner, TNB Aura said, “We are pleased to be working with NVIDIA to bring this technology to market.
“PEXX addresses a critical need in the B2B cross-border Web3 payments space.
I am excited to have Marcus at the helm and to support their efforts in transforming the financial industry.”
Featured Image Credit: Free Pick
