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.