Animoca-backed firm targets up to $50m raise in IDO

XY Finance, a Taiwan-based cryptocurrency startup, is set to to raise between US$20 million and US$50 million in its initial decentralized exchange offering (IDO), the company told Tech in Asia. Its IDO is slated to be launched this Friday on Copper Launch, a token auction platform.

A project conducts an IDO to launch a token through a decentralized exchange (DEX) in the first public debut of its coin on a DEX, aiming to raise funding from retail investors.

Wilson Huang, XY Finance’s founder / Photo credit: XY Finance

This launch of the XY token comes after the startup closed a US$12 million funding round last week. The round was led by a clutch of investors, including Circle Internet Financial, LLC, Animoca Brands, Yield Guild Games (YGG) Ventures, and others. The full consortium of investors includes more than 40 investment firms.

XY Finance allows investors to transfer cross-chain crypto assets, including tokens and NFT(non-fungible tokens), in a cost-effective way.

The company was launched in 2021 by Wilson Huang, an entrepreneur and the founder of digital asset management platform Steaker.

Through its collaboration with YGG and Animoca Brands, XY Finance will introduce various GameFi experiences into the ecosystem and plans to launch its GameFi platform by early next year.

“Including cross-chain transactions, GameFi, and NFT, what we’re doing will become essential for advanced decentralized finance users; therefore, we are eyeing more than US$1 trillion transaction growth in 2022,” said Wilson Huang, founder, XY Finance.

Other prominent investors that participated in the US$12 million round include:

• Infinity Ventures Crypto
• Mechanism Capital
• TRON Foundation
• Morningstar Ventures
• Block Capital