X Infinity, a Singapore-based fintech company fintech company, announced today it has raised US$20.5 million from private sale, exceeding its initial US$18 million target.
Among the list of private sale investors is the CEO of Jim Rogers-backed ITF Corporation.
The amount will go towards developing a cryptocurrency wallet that allows consumers and merchants to transact using any digital token as a currency.
Founder and CEO Eddie Chong said: “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 startup is developing a unified cryptocurrency wallet that it claims will allow consumers and merchants to transact as easily using any blockchain asset as a currency. The transactions can be completed in approximately one second, which means users will be able to transact globally with virtually any cryptocurrencies as they would with regular fiat currencies, it claims.
As for merchants, they will be able to get instant access to funds, lower their costs compared to other payment processors, ATM level security as well as access to business intelligence insights.
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 application/wallet is available on both Google Play and Apple Store, with current functionality facilitating the sending and receiving of Bitcoin and Ethereum as well as purchase of XIF Coin.
Additionally, X Infinity launched its Initial Coin Offering (ICO) last week. The funds raised from the ICO 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.