Singapore’s crypto wallet firm X Infinity raises $20.5m in private sale

Bitcoin, cryptocurrency & electronic finance

Singapore-based fintech company X Infinity has raised $20.5 million in a private sale round, exceeding its $18 million target, to create a crypto currency wallet for handling transactions globally, the company announced.

The company is preparing to launch a physical debit card by the fourth quarter of 2018, which will complement the transactions. The card will be able to transact at all major global ATMs and outlets.

With over 800 crypto currencies in the market, X Infinity seeks to set up a platform where blockchain assets can be transacted in a secure, real-time manner.

The processing time on the X Infinity wallet is just about a second, far swifter than the other models such as bitcoin which usually takes 78 minutes while Ethereum takes seven minutes, said X Infinity CEO Eddie Chong, in a statement.

On August 8, X Infinity also launched its initial coin offering with plans to use the proceeds for developing technology and for business expansion.

The company has previously raised an angel round of $6 million. Going forward, X Infinity plans to get listed on at least three major crypto currency exchanges.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.