Tether, the stablecoin issuer, has announced a strategic investment of $18.75 million in XREX Group, a Taiwan-based cryptocurrency exchange, aiming to enhance financial inclusion in emerging markets.
The investment aims to enhance cross-border business-to-business payments using USDT, with XREX planning to leverage the funding to develop regulatory technology tools to detect and prevent the illicit use of stablecoins. Tether’s CEO, Paolo Ardoino, stated that their collaboration will spearhead initiatives including the launch of a new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payments, setting new standards for financial accessibility and efficiency in the region.
Wayne Huang, CEO of XREX Group, emphasized the partnership's goal to assist law enforcement agencies in identifying, arresting, and prosecuting criminals.
Tether has been active in investments recently. Last week, Bitcoin mining firm Bitdeer announced an agreement with Tether for a private sale of up to $150 million of its shares.
A2ZCrypto's #SAAS partner and my former employer, XREX Inc., has received a strategic investment from Tether.io.
With this investment, XREX becomes one of the few companies to have secured funding from the government (TW Govt.), financial institutions, and Tether. This might be the only company where both the government and Tether share board representation. Incredible!
Navigating the bear market and the challenges of COVID-19 was tough, but under the leadership of Wayne Huang and Winston Hsiao, XREX has thrived and is emerging as a powerhouse.
The future of XREX is promising, and I wish them continued success. Cheers!
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