Stablecoin issuer Tether announced an $18.75 million investment in XREX Group, a Taiwan-headquartered cryptocurrency exchange.
XREX said in a statement shared with The Block that, with the new funding, the company plans to further facilitate cross-border business-to-business payments in emerging markets using USDT. The company also intends to work with Tether to develop regulatory technology tools to detect and prevent the illicit use of stablecoins.
“Our collaboration with XREX will spearhead several groundbreaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payment, setting a new standard for financial accessibility and efficiency in the region,” Paolo Ardoino, CEO of Tether, said in the statement.
Wayne Huang, CEO of XREX Group, said the two collaborated to “help law enforcement agencies identify, arrest, and sentence criminals.” Tether has been making investment moves lately. Last week, Bitcoin mining firm Bitdeer announced that it had entered into an agreement with Tether for a private sale of up to $150 million of its shares.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.