Tether Gives $18.75 Million to XREX Group to Drive Financial Inclusion and Innovation in Emerging Markets

adminJune 6, 2024

On June 5, 2024, Tether, a prominent player in the digital asset industry, disclosed a strategic investment of $18.75 million in XREX Group, a fully regulated blockchain-enabled financial institution. This investment will accelerate the development of the digital asset sector with a focus on facilitating USDT-based cross-border payments and leading regulatory technologies in emerging markets.

Major investment to transform cross-border payments and stablecoin use

With this financial backing from Tether, XREX aims to revolutionize cross-border B2B payments in emerging markets by introducing compliant USDT-based transactions. The initiative promises to provide businesses with increased ease and efficiency of financial transactions and potentially reduce costs. XREX also plans to work with the Unitas Foundation to launch XAU1, a USD-pegged stablecoin overbooked with Tether Gold (XAUt). This stablecoin will provide customers with a reliable alternative and hedge against inflation.

The collaboration between Tether and XREX will also drive innovation in RegTech (RegTech). These advancements will improve solutions for detecting and preventing illicit use of stablecoins. Tether’s commitment to responsible financial management is aligned with XREX’s commitment to creating a safe, accessible and trustworthy environment for all cryptocurrency users in emerging markets.

Paolo Ardoino, CEO of Tether, said: “Tether’s strategic investment in XREX Group signals our firm commitment to fostering financial inclusion in emerging markets. Our collaboration with XREX will drive several groundbreaking initiatives, including the launch of the Unitas Foundation’s unique new integrated stablecoin and the facilitation of USDT-based cross-border payments. This sets a new standard for financial accessibility and efficiency in the region. “This investment is consistent with Tether’s long-term vision to build a resilient infrastructure that scales beyond the confines of the cryptocurrency market, as evidenced by our diversified investments across a variety of industries.”

Wayne Huang, CEO of XREX Group, highlighted the successful past collaboration between Tether and XREX in helping law enforcement agencies identify, apprehend, and sentence criminals. “With Tether’s strong support and investment, we are extending this success to our RegTech product line, further developing XREX Group as a responsible financial institution,” he said.

Winston Hsiao, CRO of XREX Group, thanked Tether and other investors, saying, “We would like to thank Tether and all existing investors for supporting this round, which involved issuing new team (ordinary) shares to drive top talent hiring. . “This stablecoin-based financial inclusion movement will bring long-term positive change to existing global clearing and settlement systems.”

XREX’s investor base includes renowned companies such as the Taiwan Government National Development Fund, CDIB Capital Group, SBI Holdings, E.Sun Financial Holding, ThreeD Capital, AppWorks, BlackMarble, and New Economy Ventures. Recently, XREX Singapore obtained Singapore’s primary payment institution license, and XREX operates under the status of a registered VASP with the Taiwan Financial Supervisory Commission.

Tether’s strategic investment to expand its global footprint

Tether’s latest investment is part of a broader effort to strengthen its international presence. Last May, Tether announced its expansion into Eastern Europe with an investment in Georgian payment service CityPay. Additionally, Tether formalized a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO) to launch several strategic initiatives. These initiatives aim to drive the adoption of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), the northernmost emirate of the UAE.

The move is one of several recent steps Tether has taken to expand its global footprint. In early May, it made significant inroads into the Eastern European market by investing in CityPay, a Georgian payment service. Tether also signed a memorandum of understanding with RAK Digital Assets Oasis (RAK DAO). The partnership aims to implement a number of “strategic initiatives” to promote the use of Bitcoin technology and stablecoins in Ras Al Khaimah (RAK), located in the northernmost emirate of the UAE.

Tether invests $18.75 million in XREX Group to promote financial inclusion in emerging markets.
Learn more: https://t.co/R1rs7ZPoZc
— Tether (@Tether_to) June 5, 2024

Sealana: Solana Meme Coin’s Rising Star in the Presale Arena

Sealana has emerged as a new highlight in the Solana-based meme coin space, capturing the hearts of intrepid investors known as degens. These enthusiasts diligently search for the latest and greatest opportunities in meme coins. A new competitor on the market, Sealana, is inspired by a character from South Park. Depicted as a seal participating in a typical merchant’s tuna and cola diet, while also looking for the next big hit in the Solana meme coin scene.

These new tokens offer no real utility and are being sold purely for the excitement surrounding meme coins. It relies on the adventurous spirit of investors who are attracted to the high-risk, high-reward nature of such ventures. Following a simple pre-sale approach, Sealana asks investors to acquire $SEAL tokens by sending SOL directly to a designated address. This is a method Slotthana previously used during a very successful pre-sale that quickly raised over $15 million.

Within the first 24 hours, Sealana has already generated quite a buzz, amassing over $125,000, and looks set to match or even surpass the rapid fundraising performance of its predecessor. Despite the lack of intrinsic utility, the project’s potential to spread word of mouth is significant, making it an attractive prospect for short-term investors looking for quick profits in the meme coin market.

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