Tether invests US$18.75 million in XREX Group! Preview launch of gold reserve payment token

Tether, the leading digital asset company, announced an investment of US$18.75 million into the XREX Group. XREX has only previously obtained a digital payment license from Singapore, which is of great help to its cross-border compliance business; Tether said that the two parties' strong cooperation can accelerate the application rate of Tether's largest US dollar stablecoin USDT in emerging markets, and help regulate technology (Reg Tech) innovation.

Paolo Ardoino, CEO of Tether, said: Tether’s strategic investment in the XREX Group demonstrates our unwavering commitment to promoting inclusive finance in emerging markets. Together with XREX, we will lead more breakthrough innovations, including the issuance of a unique unit currency by the Unitas Foundation, and make cross-border payments based on USDT more popular, providing financial participation and transactions in emerging markets. Efficiency sets new standards.

Not only cooperates with USDT, but also launches gold tokens

It is reported that XREX has received a new round of investment from Tether this time, and will be mainly used for the development of two major businesses in the future; the first is through cooperation with the Unitas Foundation Cooperate to issue XAU1 tokens, a tokenized gold that is excess reserved by Tether Gold (codenamed XAUt) and pegged to the value of the U.S. dollar. It is estimated that XAU1 will subsequently enter the XREX payment system, including cross-border payment functions such as digital check BitCheck.

Second, Tether and XREX will cooperate to promote regulatory technology (Reg Tech) to strengthen crime detection and prevent abuse of U.S. dollar stablecoins. XREX has added regulatory technology to one of its main product lines, and is very likely to release blockchain crime prevention-related products in the near future. It is reported that it has been provided to Taiwan law enforcement units free of charge for trial use. The prosecutors only need to enter their wallet in the LineChatBot dialog box. The address will display the source of the wallet, whether it is a client of an exchange in Taiwan, the safety factor of funds, and other information.

Huang Yaowen, co-founder and group CEO of The next step will be extended to the product development of regulatory technology to further deepen the positioning of XREX Group as a responsible financial institution.

Breakdown of XREX fundraising data

Revealing past history, XREX has a lineup of well-known investors, including the National Development Fund of the Executive Yuan, China Development Bank (TWSE: 2883), SBI Investment (TYO: 8473), Yushan Venture Capital (TWSE: 2884), ThreeD Capital (CSE: IDK), App Works, Wanfeng Capital and New Economy Ventures, etc., have now joined the world-renowned digital Tether, an asset company and the issuer of USDT, the leader in stablecoin market capitalization, has added strong partners to XREX’s future product landscape.

In terms of amount, XREX has raised US$7 million in the seed round since its establishment in 2018, US$17 million in Pre-A-1Round, and Tether raised US$18.75 million in Pre-A-2Round. , which means that before XREX entered the A-round fundraising, it had raised more than 42 million U.S. dollars. It is a Taiwanese team with strong fundraising capabilities. It can also be seen that the potential of blockchain finance is not limited to one place and can attract international cutting-edge Institutions and businesses are concerned.

Xiao Huizhong, co-founder of XREX and chief revenue officer of the group, said about the investment in Tether: We are grateful to the existing investors of Tether and Common shares to attract top talent to XREX. This inclusive financial movement caused by stablecoins will bring long-term and positive changes to the existing international clearing and settlement system.

According to reports in May, XREX became the first crypto company in Taiwan to obtain the Singapore Large Payment Institution License (MPI). Small and medium-sized enterprises and importers and exporters use blockchain payment channels that are much faster and cheaper than ordinary financial institutions.

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