Fintech startup PEXX has completed a $4.5 million funding round to drive the development of a stablecoin to fiat payment platform

Author: Chainwire

PEXX announced today that it has successfully raised $4.5 million in funding. It is a pioneering fintech startup focused on cryptocurrency and blockchain technology. 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 monetary assets across borders.

This strategic investment in PEXX was led by early-stage venture capital firm EMO Capital in the web3 space, with previous lead investment from TNB Aura and participation from global early-stage venture firm Antler, as well as early-stage investors in crypto projects like Chainlink/Filecoin, indicating strong confidence from investors in PEXX's vision and potential.

PEXX's payment platform allows users holding Tether (USDT) and Circle (USDC) stablecoins to transfer digital assets directly to global bank accounts. This platform enables any individual or business to easily complete cross-border transfers of monetary assets without the need for intermediaries or bank accounts.

"We are thrilled to have gained the trust of our investors to secure this funding, which will allow 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 are growing rapidly, and the trend towards widespread adoption of stablecoins is becoming increasingly clear. The real demand for cryptocurrencies like USDT and USDC to be directly exchanged into bank accounts will undoubtedly see continued growth."

The funds will be used to incentivize PEXX's engineering and product teams, as well as to expand its marketing and business development efforts, starting in Southeast Asia.

In addition to providing funding support in this round, strategic investment firm EMO Capital will also offer ongoing support to the PEXX team in areas such as Web3 marketing strategies and brand building. Its pragmatic and efficient post-investment support team will play a key role for the PEXX team in user growth, business expansion, brand building, compliance solutions, subsequent financing, and strategic mergers and acquisitions.

Angelina Tu, Co-Founder of EMO Capital stated, "Many payment institutions are struggling to bring traditional internet users into the crypto space, but the PEXX team has provided the best solution for users in the 'crypto world' for payments and consumption in the 'real world,' building a compliant, respected, and protected bridge. This aligns perfectly with EMO's current focus, and we are giving PEXX our steadfast support."

Vicknesh R Pillay, Founding Partner of TNB Aura said, "PEXX addresses a critical need in the B2B cross-border Web3 payment space. With Marcus leading the team, we are excited to support their journey to transform the financial payment landscape."

Jussi Salovaara, Co-Founder and Managing Partner of Antler remarked, "We are pleased to support PEXX as they build a transformative payment platform that will bridge the gap between stablecoins and traditional banks. This streamlined approach to cross-border payments aligns perfectly with our vision of nurturing innovative fintech solutions."

PEXX obtained its AUSTRAC license in May 2024, ensuring compliance with the highest regulatory standards set by the government, allowing PEXX to operate as an independent remittance transaction service provider and digital currency transfer service provider. This achievement highlights PEXX's commitment to strict regulatory compliance, robust security measures, and building customer trust.

PEXX offers seamless payment solutions, allowing users and businesses to exchange stablecoins (USDT and USDC) into 16 different fiat currencies. PEXX supports direct transfers to bank accounts, simplifying the process of exchanging cryptocurrency for fiat, enabling users to transfer funds to designated bank accounts within minutes, rather than the days required by traditional banking solutions.

About PEXX:

PEXX's groundbreaking stablecoin cross-border payment platform simplifies global fund transfers. By providing secure, fast, and cost-effective solutions, PEXX enables users and businesses to exchange stablecoins like USDT and USDC into 16 fiat currencies, directly deposited into bank accounts. PEXX's innovative payment platform will eliminate the siloed state between traditional finance and cryptocurrency, supporting smooth and efficient global fund transfers.

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