StraitsX has successfully raised $10 million in investments from UQPAY and received support from the Japanese company DOCOMO for further development of its stablecoin-based payment infrastructure.
This is reported by Finway
New Investments for Developing the Stablecoin Ecosystem
StraitsX, a platform for making payments in stablecoins, has announced the raising of $10 million in funding. The round included participation from the Asian payment provider UQPAY and the Japanese company NTT DOCOMO, which specializes in digital services. The funds raised will allow StraitsX to scale the use of stablecoins in financial transactions and improve integration with traditional payment networks and Web3 solutions.
The investments open up new opportunities for expanding the StraitsX ecosystem, facilitating effective interaction between businesses, financial organizations, and blockchain infrastructure in Asian countries.
Development Priorities: Technology, Solutions, and Partnerships
StraitsX has identified three key areas for utilizing the raised funds:
- API for Businesses: development of solutions that enable integration of payments between fiat currencies and stablecoins with support for instant settlements;
- Cross-Border Payments: creation of a network of on-chain channels to reduce the cost of international transfers, particularly in collaboration with PayFazz to launch stablecoin services in Indonesia;
- Card Issuance: in partnership with RedotPay and VISA, the company plans to launch physical and virtual cards that allow spending stablecoins with automatic conversion to fiat currencies.
“We have proven that stablecoins are suitable for real financial operations,” said Tianwei Liu, co-founder and CEO of StraitsX.
As emphasized by UQPAY CEO Jack Li, the companies share a common vision of creating a convenient, regulated, and integrated payment ecosystem that combines traditional finance with new Web3 technologies.
The investments received will enable StraitsX to expand its presence in the Asian market and prepare for the launch of a unified payment network that will integrate stablecoin and fiat currency tools.