xMoney, a payments provider connecting stablecoins to international commerce, has completed a strategic financing round of $21.5 million led by the Sui Foundation.
The financing is an important milestone for the company as it looks to grow the company in an emerging global payments market.
Relying on existing relationships with Visa and Mastercard, xMoney is positioning itself as a viable competitor in the multi-trillion-dollar stablecoin space by offering a scalable payment solution that connects digital assets to the traditional finance system.
The investment of its original backers, MultiversX and Sui, respectively, demonstrates an increasing belief in xMoney’s vision for building a trusted and compliant payment infrastructure.
Competitive Edge in Stablecoin Payments
The funds will support xMoney’s growth plan and continued support of a compliance-first infrastructure.
Stablecoins account for over $7 trillion of year-end settlement, and therefore, that trusted infrastructure, usability, and access need to be developed to enable a global historical adoption.
As a MiCA-compliant Licensed Electronic Money Institution and PCI DSS Level 1-certified operator, xMoney builds upon the security and regulatory standards.
xMoney already supports over 5,000 merchants globally, which range from large companies to startups, as well as the Principality of Liechtenstein.
The goal of xMoney is to successfully deliver a frictionless payment experience that meets evolving consumer preferences and advances trust and scalability in digital commerce by leveraging advanced technology in conjunction with best-in-class compliance.
Also Read: Ripple & Circle Back Singapore Based Tazapay In Series B Funding To Boost Cross Border Payments
Token Launch and Long-Term Growth Vision
This round of funding not only signals a milestone for xMoney, but an upcoming milestone as well: the launch of its own token, XMN, due to launch in early October.
The token serves a purpose of fostering growth to the ecosystem through community engagement and creating value through buybacks, liquidity programs, and governance.
The basis for this is that where value accrues, it will always be repatriated to the ecosystem, and community members become not passive consumers, but active participants, and wallets of value.
It is important to know that as xMoney looks into the future, this vision will become a reality over the next 5-10 years through product offerings, global partnerships, and financial integrations in order to position itself as the hub of the future payments ecosystem.
Funding Continues to Broaden in Web3
The $21.5 million raise from xMoney follows a run of compelling funding narratives in the Web3 space, as investors expect blockchain-based innovation to continue.
On August 20th, Yomirgo, a decentralized AI Infrastructure platform, raised $5 million in its Pre-A round, led by Gobi Partners, which emphasizes the growing interest in the expansion of AI and blockchain, according to UnoCrypto..
Most recently, on September 12th, we reported on RuneSoul, a Web3 gaming project, which raised $4 million in strategic funding led by Bitgo Capital to push the project into development for their gaming infrastructure and globally.
Together, these financings reinforce the momentum across the ecosystem and show that investors are backing projects that are defining payment, AI, and gaming solutions in the decentralized economy.