Multiple companies from Thailand participated in the funding round in hopes that XSpring will connect traditional finance with Digital Finance.
Investment Management Firm XSpring has managed to conduct successful funding round as a means to facilitate the development of their new financial marketplace, which aims to connect the traditional and digital financial services and products, as well as provide a robust and optimized platform in the United States.
Proceeding with the announcement, it was revealed that the funding round managed to stack up around an impressive $225Million, with funds provided by partnerships with contributors from Thailand that included, Real Estate dealers Sansiri, an Insurance firm named Viryah and a Millionaire Investor, Mongkol Prakitchaiwattan.
XSpring, originally named Seamico Securities, has a good set of trading licenses in its hand that helps it to freely explore and perform operations in the many traditional markets, as well as several digital markets based on providing financial services. XSpring proudly calls itself the leading digital marketplace in Asia, which aims to facilitate clients with a wide range of financial and investment services that include advice on investments, brokerages related to securities and underwriting services, so that clients can make better decisions on investments. The company is well-known for its excellent services of digitalization of traditional assets by using blockchain technology.
XSpring is basically a sub-company of Elevated Returns, which is also a company that deals in asset management and maintenance. The founder of Elevated Returns commented on XSpring, stating that with XSpring’s growing popularity, it is clear that the demand for this type of platform is high and that the company is looking for ways to provide the same facilities to users in the US after acquiring the necessary licenses to operate.
Crypto Issues in Thailand
The government of Thailand has been conducting several activities in regards to limit crypto trading and impose regulations. Traders in Thailand are required to perform in-person KYC procedures in order to create a crypto-based account for trading. SEC of Thailand has also been targeting the DeFi space and have said that any DeFi related activity will need an official license from respective regulatory authorities.