South Korean Giant Hanwha Invests $3M in Crypto Disclosure Startup
One of the biggest South Korean companies, Hanwha, is making its presence felt in the cryptocurrency market by investing in a new startup. Hanwha Investment & Securities, one of the leading securities brokerage firms which are part of the Hanwha Group, is decided to invest $3.3 million in a new startup with the name of CrossAngle. Hanwha Investment & Securities is one of the subsidiaries of the Hanwha Group that also has many large companies like Hyundai, LG, and Samsung as its subsidiaries. The investment comes at a time when the Hanwha is looking to push its digital expertise. During the start of 2020, the company had invested $31 million in funding in Stellar based blockchain startup Lightnet.
CrossAngle announced the new funding in a press release, where it stated that the recent Series A2 investment would allow them to develop the necessary infrastructure to provide crypto data services to its customers. CrossAngle, based out of Singapore, founded Xangle in 2018. It is a crypto disclosure services provider that focuses on offering transparent data services for different cryptocurrencies such as BTC and others. To fulfill its services, Xangle works along with multiple projects globally and also companies that issue crypto-assets. It verifies the information collected from them before integrating them. It offers public access to all the information to help them understand crypto assets. Xangle already has around 60 exchanges partners from around the world, including the United States, China, Japan, Korea, Russia, Southeast Asia, and European ones. It currently provides disclosure data to them for about 800 crypto assets data to date. A majority of these crypto-assets are registered and also directly maintained by the blockchain projects.
According to the co-founder and the current CSO of CrossAngle, James Junwoo Kim, the recent funding will allow Xangle to contribute immensely to the industry for its advancement and even expand to newer areas. He also added that there is a need to resolve the existing problems in the industry and to create an information ecosystem for the stakeholders if the industry has to grow and increase its usage. As crypto-assets crosses national boundaries and languages, there is a need for a platform like Xangle to help accommodate the needs of a wider base. The disclosure services that Xangle provides will help stakeholders from different parts of the world to communicate and get the latest information on funds, holders, and exchanges and to do their due diligence. It will also help them monitor the different projects and their timeline for different purposes.
CrossAngle claims that even though the cryptocurrency is currently at its tipping point due to the strict government regulations and policies on it, there are global financial companies that are continuously investing in cryptocurrency and blockchain technology. For example, a unit of SBI Holdings, a Japanese financial company, has bought a minority stake in B2C2, a London based cryptocurrency market maker for $30 million. Nomura Holdings Inc, another Japanese firm, formed a partnership with Ledger and CoinShares to launch a Komainu, a platform to safeguard the digital assets for different financial institutions.