Fintech Startup PEXX Raises $4.5M to Innovate Stablecoin Payments

CEO Insights Asia Team | Wednesday, July 17, 2024

Singapore Startup PEXX has successfully closed a $4.5 million seed funding round to advance its innovation Stablecoin to fiat payment platformThe investment, led by venture capital firm TNB Aura and supported by early-stage investor Antler and strategic investor EMO Capital, is set to drive the transformation in cross-border transactionsthe company announced.

PEXX’s platform makes it easy to convert stablecoins like Tether (USDT) and Circle (USDC) into global bank accounts, bypassing traditional banking intermediaries and channels. This provides a fast and efficient solution that caters to both individuals and businesses. “We are thrilled to have secured this significant funding, which will allow us to further develop our stablecoin-to-fiat payment platform,” said Marcus Lim, CEO and founder of PEXX.

“The growth of stablecoins is exponential and we expect demand from users who want to convert their USDT and USDC directly into a bank account to grow accordingly as stablecoins become more ubiquitous in the coming years,” Lim added.

According to the announcement, the funding will enable PEXX to grow its engineering and product teams, strengthen marketing initiatives, and drive business development, with an initial focus on Southeast Asia. Specifically, EMO Capital will leverage its Web3 expertise to enhance PEXX’s branding, marketing strategies, and strategic partnerships, facilitating user acquisition and overall business expansion.

“PEXX is building a compliant, respected and secure bridge between the Web3 world and the real world, providing everyone with quick and easy access to convert their digital assets into their everyday purchases. This is what everyone in the Web3 world needs and where PEXX finds the unwavering support of EMO,” said Angelina Tu, Co-Founder of EMO Capital. PEXX’s commitment to user trust is underlined by its AUSTRAC registration obtained in May 2024. This registration authorizes PEXX to operate as a licensed digital currency exchange and remittance operator, ensuring adherence to rigorous regulatory standards and robust security measures.

PEXX’s platform allows users to convert stablecoins (USDT and USDC) into 16 fiat currencies, facilitating direct transfers to bank accounts. This simplifies the cryptocurrency to fiat conversion process, ensuring faster transactions than traditional banking methods. With nearly $3 million in transactions processed, PEXX has attracted a diverse customer base, including Web3 companies, cryptocurrency exchangesand media organizations.

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