Crypto-to-fiat liquidity startup Xanpool raises $27M

Cryptocurrency-to-fiat infrastructure provider Xanpool continues expanding operations in the Asia Pacific (APAC) by securing fresh funding.The Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.Other participating investors included crypto-focused venture capital firm CMT Digital as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced Friday.Running operations in 13 countries across APAC, Xanpool is looking to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu noted.Since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO said.XanPool is a peer-to-peer crypto-to-fiat platform and a liquidity network relying on the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle cross-currency and cryptocurrency transactions, reducing the counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to 2% on their idle capital.Xanpool CEO told Cointelegraph that the startup is running software similar to that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu noted.Related: Crypto fintech MoonPay reportedly aims for $3.4B valuation in first VC funding“Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet,” the CEO said. Liu stressed that Xanpool never touches money on individuals’ or businesses’ wallets.“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee,” the executive said.The latest funding brings XanPool’s total raised to around $32 million, including previous funding by individual investors. The company raised $4.3 million in a pre-A financing round last November in conjunction with its official launch.

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Early meeting of E-Gold founders may hold clue to Satoshi Nakamoto’s identity — Peter Thiel

PayPal co-founder and billionaire venture capitalist Peter Thiel believes he may hold a clue on how to find Satoshi Nakamoto, Bitcoin’s (BTC) pseudonymous creator who disappeared two years after mining the cryptocurrency’s genesis block in January 2009. His theory stems from an early meeting of E-Gold founders in February 2000, where roughly 200 people coalesced around a beach in Anguilla to devise a strategy for promoting a new currency system that could challenge central banks. E-Gold was a digital gold currency that folded in 2007 after its founders were indicted by the United States Justice Department.“I met them on the beach in Anguilla in February of 2000,” Thiel told a cryptocurrency conference in Miami on Wednesday, referring to the E-Gold founders. “My sort of theory on Satoshi’s identity was that Satoshi was on that beach in Anguilla.” He further explained:“We were beginning the revolution against the central banks on the beach in Anguilla. We were going to make PayPal interoperable with E-Gold and blow up all the central banks.”E-Gold’s failure may have given Satoshi the foresight to remain anonymous when building its successor. “Bitcoin was the answer to E-Gold, and Satoshi learned that you had to be anonymous and you had to not have a company,” Thiel said. Related: Satoshi Nakamoto statue goes up in BudapestNot everyone is convinced that Nakamoto was behind earlier e-cash protocols. Dustin D. Trammell, one of the first cypherpunks to mine Bitcoin, told Cointelegraph Brasil in March that Nakamoto lacked bias in implementing new technology, which implies they were approaching the project with a fresh perspective. Nakamoto’s 2008 white paper has spawned a multi-trillion-dollar crypto industry, with tens of thousands of digital assets vying for a piece of the pie. Bitcoin is in the midst of a historic week, having shattered new all-time highs above $67,000 on Wednesday.

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Traders brace for a drop to $58K if Bitcoin price loses the $62K support

Whipsaw price action has returned to the cryptocurrency market after Bitcoin’s (BTC) price lost steam at $67,100 and retracted to the $62,000 level.  An early morning 87% flash crash in the price of BTC at Binance US saw the price briefly touch $10,000 and it may have set the market on edge, but generally, it appears to have been an isolated event. Data from Cointelegraph Markets Pro and TradingView show that bears have briefly taken control of the market with the price now fluctuating between $62,000 to $63,500.BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what traders and analysts are saying about the recent price action for Bitcoin and what could be next for the top-ranked digital asset. $66,000 needs to become supportThe rapid climb in Bitcoin over the past three weeks pushed the price back to the major resistance level it faced in April, a fact highlighted by independent crypto analyst ‘Rekt Capital.’ As shown below, there was a firm rejection near the $63,500 resistance level.In mid-April 2021, #BTC rejected from the orange resistance areaToday, $BTC is trying to retest this same area but this time as support#Crypto #Bitcoin pic.twitter.com/0V2Geql47T— Rekt Capital (@rektcapital) October 21, 2021The main difference this time around is that now bulls are attempting to establish this level as the new support zone, which will give BTC a good foundation for a further push higher. For the short term, this has now become a key price level to keep an eye on as the market heads into the final week of October. Q4 has historically been bullishThe breakout to a new all-time high has many across the space debating whether now is a good time to take profits or if it’s time to increase position sizes instead. According to David Lifchitz, managing partner and chief investment officer at ExoAlpha, “In crypto-land, everything is possible,” and he suggested that “a continuous uptrend taking BTC to $80,000 shortly from here, or a mild pullback down to $58,000 or even down to $53,000 before pulling higher toward $80,000 and above” were both well within the realm of possibilities. Historically speaking, “probabilities would favor some pullback after the recent torrid ride,” according to Lifchitz, who highlighted the $64,500 and $58,000 levels as some of the key areas to keep an eye on for the potential to “lighten up positions in case of a pullback and load-up again in the $53K region if the pullback deepens, or reload where the first stops were hit if the pullback doesn’t deepen.”Overall, Lifchitz indicated that the path ahead looks positive for Bitcoin and the wider cryptocurrency market as it enters the final quarter of 2021. Lifchitz said:“The 4th quarter has historically been bullish, so it favors an upside target by year-end. So overall bullish mid-term but maybe some light turbulence ahead.”Related: Bitcoin bulls set to net an $830M profit after Friday’s BTC options expiryBitcoin needs to hold $62,000A final perspective was offered by pseudonymous Twitter user ‘E-Club Trading’, who posted the following chart showing the recent price action and important support and resistance zones. BTC/USD 1-day chart. Source: TwitterThe analyst said:“A bit of profit taking in BTC as it drops below the previous high of $65,000. It needs to hold above $62,000, or we could retest $58,000 in the next few sessions. Glad to be out of the way for the moment.”The overall cryptocurrency market cap now stands at $2.548 trillion and Bitcoin’s dominance rate is 46.5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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