Tether, a global digital asset firm, has invested $18.75 million in XREX Group, a Taiwanese blockchain-enabled financial institution. The goal of this partnership is to improve cross-border USDT-based payments in developing economies and stimulate innovation in digital assets.
| Key Aspect | Details |
|---|---|
| Investment Amount | $18.75 million |
| Investing Company | Tether |
| Recipient Company | XREX Group |
| Location | Taiwan |
| Goals | Innovate digital assets, enhance cross-border payments, develop stablecoins, boost RegTech |
| Major Stakeholders | Tether, XREX, Unitas Foundation |
| Services Provided by XREX | Digital asset custody, wallet services, cross-border payments, etc. |
| Significant Investors | Taiwanese Government National Development Fund, CDIB Capital Group, etc. |
| Regulatory Licenses | Monetary Authority of Singapore, Taiwan Financial Supervisory Commission |
Goals and Benefits
- Innovative Financial Solutions:
- Tether’s investment will enable XREX to enhance USDT-based cross-border B2B payments.
- This aims to make financial transactions easier, more efficient, and potentially less expensive for businesses in emerging markets.
- Stablecoin Development:
- XREX will collaborate with the Unitas Foundation to launch XAU1, a USD-pegged stablecoin backed by Tether Gold (XAUt).
- This stablecoin will offer a reliable alternative and hedge against inflation.
- Regulatory Technology (RegTech):
- The partnership will boost innovation in RegTech, improving methods to detect and prevent illicit use of stablecoins.
- Financial Inclusion:
- Tether’s investment aligns with its goal of fostering financial inclusion in emerging markets.
- The collaboration aims to create a safe, accessible, and trusted environment for all crypto users.
Statements from Leadership
- Paolo Ardoino, CEO of Tether:
- Emphasized Tether’s commitment to financial inclusion.
- Highlighted the importance of this investment in setting new standards for financial accessibility and efficiency.
- Stressed Tether’s vision of building resilient infrastructure beyond the crypto market.
- Wayne Huang, CEO of XREX Group:
- Noted the successful collaboration with Tether in aiding law enforcement.
- Mentioned the expansion into a RegTech product line to enhance XREX’s reputation as a responsible financial institution.
- Winston Hsiao, CRO of XREX Group:
- Discussed the positive impact of stablecoin-enabled financial inclusion on global clearance and settlement systems.
- Thanked Tether and other investors for their support.
XREX Group Overview
- Founded: 2018
- Services:
- Digital asset custody
- Wallet services
- Cross-border payments
- Fiat-crypto conversion
- Cryptocurrency exchange
- Asset management
- Fiat currency on-off ramps
- Clients:
- SMBs in emerging markets
- Individual users worldwide
Investors and Licenses
- Investors:
- Taiwanese Government National Development Fund
- CDIB Capital Group
- SBI Holdings
- E.Sun Financial Holding
- ThreeD Capital
- AppWorks
- BlackMarble
- New Economy Ventures
- Licenses:
- License for Major Payment Institution issued by Singapore’s Monetary Authority
- The Taiwan Financial Supervisory Commission’s registered VASP status
Impact of Investment
Tether’s investment in XREX supports ongoing efforts to promote cryptocurrency adoption in emerging markets. It aims to empower under-served communities, fostering a more interconnected and inclusive financial landscape.
Disclaimer
FAQ
Tether has invested $18.75 million in XREX Group.
The investment aims to enhance cross-border USDT-based payments, innovate digital assets, and foster financial inclusion in developing economies.
XREX Group provides digital asset custody, wallet services, cross-border payments, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.
