Moreover, the pre-Series A round, oversubscribed by 200%. According to Wayne Huang, co-founder, and CEO of XREX, the reason behind the decision of XREX to run its round as a pre-series A is they felt they hadn’t raised enough revenue.
Accordingly, Wayne Haung stated,
“Originally we were targeting only $5 million to $8 million, which would give us enough of a buffer to cushion any COVID-caused uncertainty and to have enough revenue to do a Series A”.
Furthermore, the blockchain TradeTech company XREX has actively collaborated with local regulators and financial institutions to launch BitCheck and MyXchange and other tools to help businesses and small and medium enterprises in emerging markets and swap into dollars to reduce foreign exchange losses.
Henceforth, a pre-series A funding round allows companies to evaluate investor interest in the interim between the seed funding round and the Series A. The fund will utilized to expand the firm’s fiat currency portfolio, integrating additional licenses and furthering partnerships with financial institutions and digital wallet providers.
Of note, the other investors included SBI Holdings subsidiary SBI Investment, Global Founders Capital, ThreeD Capital, E.Sun Venture Capital Systex Corporation, Metaplant Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group.
Hence more, XREX disclosed that it would also launch a user reputation index next year to enhance transactions security, transparency, and accountability. XREX has become one of the most secure encrypted fiat currency platforms.
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