PEXX Secures $4.5 Million in Initial Investment for Its Groundbreaking Stablecoin-to-Fiat Payment Solution

Singapore, Singapore, July 16, 2024, Chainwire

PEXX , a forward-thinking fintech startup focusing on cryptocurrency and blockchain innovations, has successfully closed a remarkable $4.5 million in seed funding. This substantial capital injection will fuel the advancement of its pioneering stablecoin-to-fiat payment solution , which is poised to transform the manner in which individuals move currency across international borders.

The investment round was led by TNB Aura, with contributions from the globally-focused early-stage venture capital firm Antler, along with further strategic backing from EMO Capital—known for their early investments in Filecoin and other significant VC and crypto ventures—demonstrating robust investor confidence in PEXX's vision and potential.

PEXX's platform enables users possessing stablecoins like Tether (USDT) and Circle (USDC) to effortlessly transfer their digital assets directly into bank accounts worldwide. This innovative service will empower both individuals and businesses to smoothly transact across borders, eliminating the dependence on intermediaries or traditional banking systems.

"We are absolutely excited to have secured this crucial funding which will allow us to further enhance our payment platform for stablecoin-to-fiat conversions,\" stated Marcus Lim, the CEO and founder of PEXX. \"The market for stablecoins is growing rapidly, and we anticipate that user demand for directly converting USDT and USDC into bank accounts will only increase as these digital currencies continue to gain popularity in the years ahead.\"

The newly acquired funding will be allocated toward strengthening PEXX’s engineering and product development teams while also expanding its marketing and business outreach initiatives, particularly focusing on Southeast Asia.

Beyond the financial support, EMO Capital—a research-driven investment firm—intends to assist PEXX in honing its Web3 marketing strategies, building its brand, and facilitating strategic partnerships, thereby playing a critical role in its expansion, scaling, and user acquisition efforts.

Angelina Tu, co-founder of EMO Capital, remarked, \"While many projects aim to draw traditional Internet users into the Web3 ecosystem, PEXX is focused on creating a compliant, respected, and secure link between the Web3 environment and the real world, providing easy and quick access for everyone to convert their digital currencies into everyday spending. This is essential for the Web3 sector, and that’s why EMO stands firmly behind PEXX.\"

Vicknesh R, Partner at TNB Aura, added, \"PEXX meets a vital requirement in the B2B cross-border Web3 payments arena. With Marcus leading the way, we're eager to support their journey toward reshaping the financial landscape,\" highlighted Vicknesh R Pillay, the Founding Partner at TNB Aura.

"We are thrilled to support PEXX as they craft a revolutionary platform that bridges stablecoins with conventional banking systems. Their methodology in simplifying cross-border transactions aligns seamlessly with our vision of promoting innovative financial technology solutions,\" shared Jussi Salovaara, Co-founder and Managing Partner at Antler.

Attaining AUSTRAC registration in May 2024 verifies that PEXX complies with all regulatory requirements, allowing it to operate as an independent remittance dealer and digital currency exchange provider. This milestone exemplifies PEXX's dedication to stringent compliance, robust security measures, and maintaining customer trust.

PEXX provides an efficient means for users and businesses to convert stablecoins (USDT and USDC) into 16 various fiat currencies. With PEXX, users can transfer funds directly into bank accounts, significantly simplifying the crypto-to-fiat exchange process and enabling transactions to occur within minutes instead of the days typical of traditional banking systems. To date, the platform has facilitated close to $3 million in transactions and welcomed a diverse array of customers and corporations, including Web3 enterprises, exchanges, and media outlets.

About PEXX

PEXX as a trailblazing cross-border payment platform for stablecoins that streamlines international money transfers. By delivering secure, quick, and cost-effective services, PEXX allows users and businesses to convert staples like USDT and USDC into fiat in 16 different currencies directly within bank accounts, effectively bridging traditional finance and cryptocurrency realms, thereby making global money transfers more straightforward and effective.

Users seeking assistance can reach out to PEXX's community management team: https://t.me/PEXXOfficial  

Contact

PEXX Marketing Team
PEXX Technology Pte Ltd