CrossAngle, the South Korean operator of global crypto-asset disclosure platform Xangle, has raised 4 billion won ($3.3 million) in a Series A2 funding round led by Hanwha Investment & Securities, per an announcement.
Founded in 2018, CrossAngle’s platform collects, verifies, and integrates corporate disclosures from global projects and companies that have issued crypto assets. The information helps the public understand crypto assets more, the firm said.
The public can access disclosure data for over 800 crypto assets, of which more than 400 assets are registered and directly maintained by blockchain projects.
“We are actively working with token projects, exchanges, and investors to institutionalize public data disclosure practices,” CrossAngle said.
The fresh funding will be used to strengthen the platform’s infrastructure for institutionalising data services for crypto assets. Currently, the platform has a global partner network of more than 60 exchanges in South Korea, Japan, China, Southeast Asia, Russia, Europe, and the US.
“Resolving existing industry problems and creating a solid data/information ecosystem based on stakeholder participation is crucial to the industry’s growth and eventual mass adoption,” said CrossAngle co-founder James Junwoo Kim.
CrossAngle said the global cryptocurrency industry is at a tipping point, with government regulations and policies more actively addressing the new asset class.
Major global financial industry players, however, continue to invest in cryptocurrency and blockchain technology despite stiffer regulations.
For instance, a unit of Japanese financial conglomerate SBI Holdings has agreed to buy a minority stake in London-based cryptocurrency market maker B2C2 for $30 million.
Another Japanese firm, Nomura Holdings Inc, has partnered with cryptocurrency players Ledger and CoinShares to launch Komainu, a custodian to safeguard digital assets for financial institutions.
In Singapore, state-owned investment company Temasek Holdings has joined The Libra Association, a Facebook-backed blockchain-based payment system project. Temasek joins cryptocurrency investment firm Paradigm and the private equity group Slow Ventures as a new member of the association.