The stablecoin-based ecosystem will use the fresh capital to boost its team and develop its product.
XLD Finance, a decentralized ecosystem providing tools for emerging markets, has recently announced that it secured $13M in a pre-Series A funding round led by two prominent investors Dragonfly Capital and Infinity Ventures Crypto.
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According to the official announcement issued on July 19th, XLD Finance, founded in 2021, will leverage the funds to expand its team with high-profile engineers, scale its product, form new relationships with potential partners in the financial sector, and boost its biller network.
The fundraising saw participation from Circle, DCG, IDG Capital, Shima Capital, Integra Partners, TrustToken (TUSD), YOLO Ventures, Woo Network, YGG, and others.
Ian Estrada, CEO and co-founder of XLD Finance, commented on the fresh capital and mentioned that the firm is working on removing any possible financial barriers that people might encounter, including restricted use of accounts and hefty fees. He added:
"I want to see a future where anyone with a mobile phone or computer and internet access can use “bank-like” financial tools via their preferred DeFi protocol or exchange."
On top of that, Dragonfly Capital, a crypto-centered investment organization founded in 2002, noted that the fundraiser will allow the company to leave a significant footprint in the Web3 environment. In fact, back in April, the VC firm secured $650M, pushing its assets under management to around $3B.
XLD Finance is also expected to roll out its new algorithmic stablecoin, crypto settlement API for merchants, and a Web3 wallet Software Development Kit (SDK) in the upcoming future.
