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- Private funding round closed exceeding initial USD 18 million target
- In an industry first, X Infinity wallet enables transaction from cryptocurrency to fiat to be completed in approximately one second
- Announcement of ICO launch with plans for tokens to be listed on three major exchanges.
Singapore, 20 August 2018 – Singapore-based Fintech company, X Infinity announced today that it has successfully closed its private sale funding round last week at USD 20.5 million, exceeding its initial USD 18 million targets.
The amount raised during the private sale will go towards creating a cryptocurrency wallet that allows consumers and merchants the ability to seamlessly transact using any digital token as a currency.
X Infinity has developed proprietary breakthrough technology that allows cryptocurrency transactions to be completed in approximately 1 second, making it the fastest multi-cryptocurrency wallet to date. This means that users will be able to transact globally with virtually any cryptocurrencies as they would with regular fiat currencies.
According to Chief Executive Officer of X Infinity Eddie Chong, “Investors are currently unable to use many of their cryptocurrencies for transactions largely due to long processing times. Bitcoin takes around 78 minutes while Ethereum takes six minutes to process. Our platform allows all transactions to be carried out in around a second. This is an industry first that will enable cryptocurrencies to be used in retail shops”.
The wallet will also be complemented by a physical debit card, which will be launched by the fourth quarter of 2018. This card will function as a normal debit card, allowing cryptocurrency owners to transact at all major global ATMs and outlets where merchant services are accepted.
The company also launched its Initial Coin Offering (ICO) last week. Funds raised from the ICO (the distribution of XIF tokens) will go towards further developing the technology, research, expansion of the current team as well as merchant acquisition. With plans to be listed on at least three major cryptocurrency exchanges, these XIF tokens will be the currency that all others are converted to before being exchanged for fiat ones.
Among the list of private sale investors was the CEO of Jim Rogers-backed ITF Corporation, a fintech group focusing on bringing financial freedom to the masses through a one-stop solution for their financial needs.
X Infinity is currently onboarding merchants and rapidly growing its consumer base. Some of its benefits for end-users include convenient and safe access to a large range of cryptocurrencies with high layers of security and real-time usage of almost any crytocurrencies. For merchants, the benefits include instant access to funds, lower costs compared to other payment processors, ATM level security as well as access to business intelligence insights.
The application/wallet is available via both the Google Play and Apple Stores, with current functionality facilitating the sending & receiving of Bitcoin & Ethereum as well as purchase of XIF Coin. The number of cryptocurrencies available on the platform will increase exponentially over the course of the next several months.
For more information, please contact: [email protected]
About X Infinity
X Infinity is a Singapore-based Fintech company that introduced a unified cryptocurrency wallet, allowing consumers and merchants the ability to seamlessly transact using any cryptocurrency.
The wallet is linked to a personalised debit card that can be used at any establishment globally that is equipped with merchant services. The technology will also allow cardholders to make withdrawals from international ATMs that accept global withdrawals.
X infinity is led by Eddie Chong, a serial entrepreneur with over a decade of experience across the wealth management sphere.
|For more information on X Infinity:
|Google Play Store