PEXX raises $4.5M in seed funding for its innovative stablecoin-to-fiat payments platform

[PRESS RELEASE – Singapore, Singapore, July 16th, 2024]

PolyetheretherketoneA brand new fintech startup specializing in cryptocurrency and blockchain expertise introduced right this moment the profitable completion of $4.5 million in seed funding. This main funding will promote the corporate’s revolutionary improvement Stablecoin to fiat payment platformwill revolutionize the best way individuals switch cash throughout borders.

This spherical features a first spherical led by TNB Aura with participation from international early-stage VC Antler, in addition to additional strategic investments from EMO Capital, early Filecoin backers, and different distinguished VC and cryptocurrency buyers, highlighting buyers’ dedication to PEXX’s imaginative and prescient and unwavering confidence in potential.

PEXX’s funds platform permits customers holding Tether (USDT) and Circle (USDC) stablecoins to switch their belongings on to international financial institution accounts. The platform will allow people and companies to simply switch worth throughout borders with out the necessity for intermediaries or financial institution accounts.

Marcus Lim, CEO and Founding father of PEXX, stated: “We’re delighted to have secured this important funding, which is able to enable us to additional develop our stablecoin-to-fiat cost platform.” “The expansion of stablecoins is exponential and we anticipate, As stablecoins develop into extra frequent within the coming years, demand will develop accordingly from customers seeking to convert USDT and USDC immediately into financial institution accounts.”

The funding will probably be used to strengthen the corporate’s engineering and product groups and broaden its advertising and enterprise improvement, beginning in Southeast Asia.

Along with funding, research-driven funding agency EMO Capital will search to assist PEXX’s Web3 advertising, branding and strategic partnerships and play a key position in its enterprise enlargement, scale and person acquisition.

Angelina Tu, co-founder of EMO Capital, stated: “Whereas many are working onerous to deliver conventional Web customers into the Web3 world, PEXX is constructing a compliant, revered and guarded bridge between the Web3 world and the true world, permitting Everybody can shortly and simply convert their digital belongings into day by day purchases. That is what everybody wants within the Web3 world, and PEXX has the agency assist of EMO.

Vicknesh R, Accomplice at TNB Aura, stated: “PEXX solves a crucial want within the B2B multinational Web3 funds house. With Marcus on the helm, we’re delighted to assist their journey to vary the monetary panorama.

“We’re excited to assist PEXX as they construct a transformative platform that bridges the hole between stablecoins and conventional banks. Their strategy to simplifying cross-border funds aligns completely with our imaginative and prescient of cultivating revolutionary fintech options .

Acquiring AUSTRAC registration in Could 2024 ensures PEXX complies with regulatory requirements and allows PEXX to function as an unbiased remittance supplier and digital foreign money transaction supplier. This achievement highlights PEXX’s dedication to strict compliance, robust safety measures and cultivating buyer belief.

PEXX supplies customers with seamless options Enterprises convert stablecoins (USDT and USDC) into 16 different fiat currencies. PEXX can switch cash on to a checking account, simplifying the cryptocurrency-to-fiat conversion course of and permitting customers to switch cash to a checking account in minutes as an alternative of the times it might take utilizing conventional banking options. Up to now, the platform has transacted practically $3,000,000, with shoppers and companies together with Web3 firms, exchanges, and media firms

About PEXX

Polyetheretherketone is a number one stablecoin cross-border cost platform that simplifies international remittances. By offering a safe, quick and cost-effective resolution, PEXX allows customers and companies to transform stablecoins reminiscent of USDT and USDC into 16 fiat currencies immediately into financial institution accounts. PEXX’s revolutionary platform bridges the hole between conventional finance and the cryptocurrency world, making international fund transfers seamless and environment friendly.

Customers can contact PEXX’s neighborhood directors for help: https://t.me/PEXXOfficial