TL;DR
- Tether invests $18.75 million in XREX Group to drive cryptocurrency adoption and global financial inclusion.
- The investment aims to revolutionize cross-border payments with the launch of XAU1, a new stablecoin.
- The collaboration also aims to innovate in regulatory technology to prevent the illegal use of stablecoins, thereby strengthening security in the crypto ecosystem.
Tether, a leading company in the digital asset market, has announced a strategic investment of $18.75 million in XREX Group, a blockchain-based financial institution. This collaboration aims to drive cryptocurrency adoption and promote financial inclusion worldwide.
The investment is intended to revolutionize cross-border payments in emerging markets through the launch of XAU1, a new stablecoin backed by Tether Gold. This cryptocurrency will provide a stable and inflation-resistant option for users, thus improving efficiency and reducing costs in cross-border transactions.
Additionally, the alliance also aims to innovate in regulatory technology to detect and prevent the illicit use of stablecoins. Tether and XREX have already successfully worked together in identifying and capturing criminals, and the investment will further strengthen their capabilities and efforts in this regard.
Tether’s Unwavering Commitment to Financial Inclusion
Paolo Ardoino, CEO of Tether, spoke about the importance of this collaboration, stating that “our strategic investment in XREX Group demonstrates our unwavering commitment to promoting financial inclusion in emerging markets.” He also emphasized that the partnership will lead innovative initiatives.
On the other hand, Wayne Huang, CEO of XREX Group, expressed his gratitude for Ardoino’s company’s support and highlighted that the investment will allow them to expand their success in identifying criminals towards a line of RegTech products that further refine XREX Group as a responsible financial institution. Additionally, talent recruitment will be supported in XREX Group, expected to generate a positive long-term change in existing global clearance and settlement systems.
Tether and XREX Group are working tirelessly to promote and adopt blockchain and cryptocurrencies in general, in addition to fostering financial inclusion in emerging markets. The aim is to establish a new standard of accessibility and financial efficiency.
