Crypto-to-fiat gateway infrastructure provider XanPool has raised $4.3 million in pre-Series A funding.
The round was led by OK Group, with participation from venture firms HashKey and Gumi Cryptos. With the fresh capital in place, XanPool plans to expand its operations into the Eastern hemisphere.
Founded last year, Hong Kong-based XanPool helps users convert their cryptocurrency to local fiat currencies and vice versa. While its operations appear to be like a crypto exchange, XanPool said it is fast and doesn't custody customer funds.
"Conventional crypto exchanges require long waiting times — several hours days to days — to clear deposits and withdrawals. [...] XanPool...software enables users to settle their cryptocurrency to local fiat currency in seconds instead of hours, without taking custody of customer funds throughout the entire process," said XanPool.
The firm's software supports local payment solutions such as FPS in Hong Kong, IBFT in Pakistan, and InstaPay in the Philippines. XanPool said it currently has over 75,000 transacting users in over eight Southeast Asian countries and has plans to expand into Pakistan, Bangladesh, Russia, Japan, Korea, Australia, and New Zealand in the coming two quarters.
To that end, XanPool has also hired former SWIFT executive Daniel De Weyer as its director.