PANews reported on July 16 that according to Chainwire, Singapore-based fintech startup PEXX announced the successful completion of a $4.5 million seed round of financing. The financing was led by TNB Aura, with participation from several well-known venture capital and crypto investors such as Antler and EMO Capital. PEXX will use the funds to develop its innovative stablecoin to fiat currency payment platform, which aims to simplify the cross-border currency transfer process.
The platform allows users to transfer Tether (USDT) and Circle (USDC) directly to global bank accounts without the need for intermediaries or bank accounts. The financing will be used to strengthen the company's engineering and product teams and expand its marketing and business development in Southeast Asia. In addition, EMO Capital will assist PEXX in Web3 marketing, brand promotion and strategic cooperation.
PEXX has obtained registration certification from the Australian Transaction Reports and Analysis Centre (AUSTRAC), ensuring its compliance as an independent remittance provider and digital currency trading provider. The PEXX platform supports the conversion of stablecoins into 16 different fiat currencies and direct transfers to bank accounts, greatly simplifying the process of converting cryptocurrencies to fiat currencies.
