XLD Finance, a decentralized ecosystem based on stablecoin, has raised US$13 million in a pre-series A funding round led by crypto investors Dragonfly Capital and Infinity Ventures Crypto.
Photo credit: Reuters
The platform builds infrastructure for Web3 and crypto projects to bridge them to traditional finance. Its products include crypto-based payments, disbursements, and crypto-to-fiat offramp APIs.
XLD Finance currently operates in the Philippines, Indonesia, Malaysia, Vietnam, India, and Bangladesh, with a total merchant network of over 10,000 partners.
The funds will be used to scale XLD Finance’s product and engineering teams as well as to accelerate the development of its API and product. The startup will also be used to expand the network of licensed partner financial institutions, merchants, and billers.
In January 2022, XLD Finance launched xSpend, a platform where users can spend GameFi tokens and stablecoins to pay utility bills, buy mobile credits, and purchase goods and services. Crypto wallets including Metamask, Phantom, or Ronin are accepted on xSpend.
The company recently rolled out OmniX, a crypto disbursement platform for guilds and projects that simplifies paying thousands of people into three clicks.
XLD Finance’s roadmap includes a crypto settlement API for merchants, an algorithmic stablecoin, and a Web3 wallet software development kit (SDK).
The company’s latest investment round saw participation from 20 investors and the following firms:
- Advance AI
- Circle
- Digital Currency Group
- IDG Capital
- Insignia Venture Partners
- Integra Partners
- Morningstar Ventures
- Openspace Ventures
- Sfermion
- Shima Capital
- Transcend Fund
- TrustToken
- UOB Venture Management
- Woo Network
- Yield Guild Games
- YOLO Ventures
- Emfarsis
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