Tether invests $18.75 million in XREX Group to improve cross-border transaction efficiency and foster innovation in global payments.\
Tether has announced a substantial investment of $18.75 million in XREX Group, to improve the efficacy of cross-border transactions. Tether’s dedication to the advancement of innovation in the global payment ecosystem is demonstrated by this capital infusion.
Tether’s objective is to streamline and strengthen the infrastructure for international remittances by collaborating with XREX, a company renowned for its innovative financial technology solutions. This investment provides a more dependable and efficient method of transferring funds across borders.
Tether, the largest company in the digital asset industry, has pledged a strategic investment of $18.75 million in XREX Group, a financial institution that is completely regulated and enabled by blockchain technology.
The objective of this collaboration is to promote innovation in the digital asset industry, with a particular emphasis on the advancement of regulatory technology and the facilitation of USDT-based cross-border remittances in emerging markets.
XREX will revolutionize financial transactions by providing businesses with greater simplicity, efficiency, and potentially lower costs by facilitating compliant, USDT-based cross-border B2B payments in emerging markets with Tether’s funding.
Furthermore, XREX will collaborate with the Unitas Foundation to introduce XAU1, a USD-pegged unitized stablecoin that is over-reserved with Tether Gold (XAUt). This stable alternative will serve as a hedge against inflation.
This partnership will foster innovation in Regulatory Technology (RegTech), thereby improving the effectiveness of solutions for detecting and preventing the illicit use of stablecoins.
Tether’s dedication to responsible financial stewardship is consistent with XREX’s commitment to creating a secure, accessible, and trusted environment for all crypto users in emerging markets.
“Tether’s strategic investment in XREX Group is a testament to our unwavering dedication to the promotion of financial inclusion in emerging markets,” stated Paolo Ardoino, CEO of Tether. “Our partnership with XREX will lead the way in the development of several innovative projects, such as the establishment of a new unitized stablecoin by the Unitas Foundation and the facilitation of cross-border payments based on USDT.
These initiatives will establish a new standard for financial accessibility and efficiency in the region.”
Tether and XREX have a history of successful collaboration in aiding law enforcement agencies in the identification, arrest, and sentencing of offenders. XREX is refining its status as a responsible financial institution by expanding its success into a RegTech product line, which is made possible by Tether’s strong support and investment.
“We are grateful to Tether and all current investors for their support of this up round, which involved the issuance of new team (common) shares to facilitate the recruitment of our top talent.”
XREX has an impressive investor roster that includes the Taiwanese Government National Development Fund, CDIB Capital Group, SBI Holdings, E.Sun Financial Holding, ThreeD Capital, AppWorks, BlackMarble, and New Economy Ventures.
XREX Singapore has recently obtained the Major Payment Institution license from the Monetary Authority of Singapore, and has been operating under the Registered VASP status of the Taiwan Financial Supervisory Commission.