PEXX, a fintech startup focused on cryptocurrency and blockchain technology, has officially launched with $4.5 million in seed funding.
The round was led by TNB Aura, with participation from Antler and EMO Capital.
This investment will help in development PEXX's stablecoin-to-fiat payment platform that aims to improve global currency transfers.
It will be used to enhance the company's engineering and product teams and expand its marketing and business development efforts, starting in Southeast Asia.
PEXX's platform allows users to transfer stablecoins such as USDT and USDC directly to bank accounts in 16 different fiat currencies worldwide, facilitating international transactions without the need for intermediaries.
The platform also simplifies the crypto-to-fiat conversion process, reducing transfer times from days to minutes.
PEXX says it obtained an AUSTRAC license in May 2024, allowing it to operate as an independent remittance distributor and digital currency transfer provider.
Marcus Lim
Marcus Lim, CEO and Founder of PEXX said:
“We are delighted to have secured this significant funding, which will allow us to further develop our stablecoin-to-fiat payment platform.
The growth of stablecoins is exponential and we expect that the demand from users who want to convert their USDT and USDC directly into a bank account grows accordingly in the coming years, making stablecoins more ubiquitous.
Marcus was the founder and former CEO of Zipmex, a Singaporean cryptocurrency exchange, he was forced to do so shut down its operations due to significant financial liabilities.
Vicknesh R
Vicknesh R, Partner, TNB Aura said:
“PEXX addresses a pressing need in the B2B cross-border Web3 payments space.
With Marcus at the helm, we're excited to transform the financial landscape to support their journey.”
Featured Image Credit: Edited from here Freepik
