Xanpool, a provider of crypto-to-fiat infrastructure, continues to expand its Asia Pacific (APAC) operations with new funding.

The Hong Kong startup raised $ 27 million in a Series 1 funding round led by Valar Ventures, a venture capital firm co-founded by PayPal co-founder Peter Thiel.

Xanpool announced Friday that other co-investors include crypto-focused venture capital firm CMT Digital, as well as business angels such as TransferWise co-founder Taavet Hinrikus.

Xanpool operates in 13 countries in the Asia-Pacific region and wants to strengthen its presence in the region with new funding. Xanpool CEO Jeffrey Liu told Cointelegraph that the startup operates in countries such as India, Hong Kong, the Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand and Japan.

“In the next quarter or two, we will mainly expand our services to a few more countries in the Asia-Pacific region. In addition to strengthening our dominance in existing markets. ”

Since its launch in March 2019, the platform has already gathered over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to grow our user base 20x to 10 million users in the Asia Pacific region,” said the CEO.

XanPool is a peer-to-peer crypto platform and liquidity network that relies on participants’ liquidity. The platform publishes funds that are not used by individuals and companies for settlements between currencies and cryptocurrencies, which reduces the risk and costs of the counterparty and allows liquidity providers (LP) to earn up to 2% of the available capital.

The CEO of Xanpool told Cointelegraph that the startup is launching a program similar to that of the decentralized financial platform Uniswap. “Except that instead of converting cryptocurrency to cryptocurrency, our automated market maker automatically switches between cryptocurrencies and fiat currencies,” Liu said.

Related: MoonPay Crypto Fintech is reported to be aiming for $ 3.4 billion in initial venture funding.

“Instead of our own cryptocurrencies, our liquidity providers range from traditional import-export companies to money service operators and cryptocurrency funds. This liquidity is mainly used for settlements in local currency and cryptocurrency transactions directly from a personal or corporate wallet. ” Liu stressed that Xanpool does not affect the funds in the wallet of individuals or companies.

“We’re just building software that allows individuals or companies to automate their buying and selling processes, and they get paid in return,” the director said.

The latest funding has generated approximately $ 32 million for XanPool, including previous funding from individual investors. The company raised $ 4.3 million in a seed round last November, which coincided with its official launch.

Source: CoinTelegraph