PEXX Raises $4.5 Million in Seed Funding for its Innovative Stablecoin-to-Fiat Payment Platform

(Press Release – Singapore, Singapore, 16 July 2024)

PixA leading fintech startup specializing in cryptocurrency and blockchain technology today announced the successful closing of a $4.5 million seed funding round. This significant investment will drive the development of the company’s innovative solutions Stablecoin to Fiat Payment PlatformIt is set to revolutionize the way people move currencies across borders.

The funding included a single round led by TNB Aura, with participation from Antler, a global early-stage venture capital firm, as well as further strategic investments from EMO Capital, early backers of Filecoin, and other prominent venture capital and crypto investors, highlighting strong investor confidence in PEXX’s vision and potential.

PEXX’s payment platform allows users holding Tether (USDT) and Circle (USDC) stablecoins to transfer their assets directly to a bank account globally. The platform will enable individuals and businesses to easily transfer value across borders, without the need for intermediaries or bank accounts.

“We are delighted to have secured this significant funding, which will enable us to further develop our stablecoin-to-fiat payment platform,” said Marcus Lim, CEO and founder of PEXX. “The growth of stablecoins is exponential and we expect to see demand from users looking to transfer USDT and USDC directly to a bank account grow accordingly as stablecoins become more widely adopted over the coming years.”

The funding will be used to support the company’s engineering and product teams, as well as expand marketing and business development efforts, starting in Southeast Asia.

In addition to the funding, EMO Capital, a research-based investment firm, will seek to support PEXX in its Web3 marketing efforts, branding, strategic partnerships, and play a pivotal role in scaling its business, expanding its reach, and user acquisition.

“While many companies are building efforts to bring traditional internet users into the Web3 world, PEXX is building a compatible, respectful and secure bridge between the Web3 world and the real world, giving everyone quick and easy access to convert their digital assets into their everyday purchases. This is what everyone needs in the Web3 world and where PEXX finds strong support from EMO,” said Angelina Tu, co-founder of EMO Capital.

“PEXX addresses a critical need in cross-border payments between businesses via Web3. With Marcus at the helm, we are excited to support their journey in transforming the financial landscape,” said Viknish R, Partner at TNB Aura.

“We are excited to support PEXX as they build a transformative platform that bridges the gap between stablecoins and traditional banking,” said Jussi Salovara, co-founder and managing partner of Antler. “Their approach to simplifying cross-border payments aligns perfectly with our vision of fostering innovative fintech solutions.”

The AUSTRAC registration, obtained in May 2024, ensures PEXX’s compliance with regulatory standards, allowing PEXX to operate as an independent remittance distributor and cryptocurrency exchange provider. This achievement underscores PEXX’s commitment to strict compliance, robust security measures, and enhanced customer confidence.

PEXX offers a seamless solution for users and Companies to convert stablecoins (USDT and USDC) to 16 different fiat currenciesPEXX enables direct transfers to bank accounts, simplifying the process of converting cryptocurrencies to fiat currencies and allowing users to send funds to bank accounts in minutes instead of days using traditional banking solutions. To date, the platform has processed nearly $3 million worth of transactions and has attracted clients and businesses ranging from Web3 companies, exchanges, and media companies.

About PEXX

Pix PEXX is a leading cross-border stablecoin payment platform that simplifies global money transfers. By providing secure, fast, and cost-effective solutions, PEXX enables users and businesses to convert stablecoins like USDT and USDC to fiat currencies in 16 currencies directly into bank accounts. PEXX’s innovative platform bridges the gap between traditional finance and the crypto world, making global money transfers seamless and efficient.

Users can contact PEXX community managers for assistance: https://t.me/PEXXOfficial