Hong Kong-based XanPool, a cross-border payments infrastructure provider for both crypto and fiat currencies, raised $41M in Q2 2022 at a $400M valuation
Plans to Expand Across Europe, Latin America Miguel Cordon / Tech in Asia : Hong Kong's XanPool hits $400m valuation after raising $41m in 2022 Stephanie Li / DealStreetAsia : Hong Kong's Xanpool notches $41m to increase global footprint
Context & Ripple Effects
XanPool's new round extends an arc that started just over a year earlier, when it raised a $27M Series A led by Valar Ventures on software that speeds up crypto and fiat settlements. The Q2 2022 raise — reported at $41M for a $400M valuation — lands in a much colder market, and the stated plan is geographic: pushing the same dual-rail infrastructure into Europe and Latin America.
The competitive frame matters. Shanghai's XTransfer had already shown how large cross-border payments for trade SMBs can get with its $138M raise at a $1B+ valuation, while Conduit's later stablecoin-plus-local-currency Series A shows the same corridor being rebuilt around tokenized rails. XanPool sits between those models — fiat rails today, crypto settlement built in.
First-order effects
- Fresh capital goes directly into XanPool's Europe and Latin America expansion, extending a Hong Kong-headquartered crypto-fiat settlement layer beyond its Asian base.
- Valar Ventures' earlier backing now carries a company valued at $400M, giving the firm a marked-up position in cross-border payments infrastructure despite the 2022 downturn.
Second-order effects
- XTransfer-style trade-payments platforms and stablecoin-native entrants like Conduit are converging on the same corridors, forcing differentiation between fiat-first SMB services and crypto-settlement infrastructure.
- Hong Kong's growing cluster of funded crypto-adjacent firms — including HashKey's licensed exchange raising nearly $100M — strengthens the city's position as a financing hub for regional payments and digital-asset companies.
Third-order effects
- If the pattern holds, cross-border payments infrastructure splits into two camps — licensed fiat networks and stablecoin-integrated rails — with providers like XanPool positioned as the bridge that lets customers move between them without choosing.
- Regional hubs compete to host these companies: Hong Kong's licensing moves and deal activity suggest jurisdictions that pair crypto regulation with deep capital markets will capture more of this infrastructure layer.
The trend: Cross-border payments infrastructure is being rebuilt as hybrid crypto-fiat rails, with Asia-Pacific providers raising through the downturn to claim Europe and Latin American corridors before stablecoin-native rivals lock them up.