xld finance ecosystem

The decentralized finance protocol XLD Finance announced that it raised $13 million from investors to keep building its ecosystem of payments solutions including xSpend – a service that allows users to pay for utility bills by using various cryptocurrencies.

The xSpend protocol has gained popularity among crypto enthusiasts as it allows gamers of play-to-earn (P2E) crypto projects such as Axie Infinity (AXS) to use their in-game tokens such as Smooth Love Potion (SLP) to pay their bills.

Currently, the service supports payments for three countries – Indonesia, Malaysia, and the Philippines – while it supports a total of 8 crypto assets including SLP, BNB, DAI, USDC, SAND, and MATIC.

XLD’s funding round was led by Dragonfly Capital but several other firms including Circle, Insignia Venture Partners, and IDG Capital also participated as investors in the pre-Series A round.

“People in emerging economies often encounter barriers that prevent them from creating financial accounts, paying for goods and services without their physical presence, sending money to loved ones cheaply, accessing affordable credit, and building a savings portfolio, hindering them from experiencing a better quality of life”, stated Ian Estrada, the co-founder and CEO of XLD Finance in regards to this important achievement for the project.

Raising Capital in this Market is a Pad On the Back for XLD Finance

At a point when many investors are adopting a risk-off attitude due to a significant shift in macroeconomic conditions, XLD’s ability to raise funding for a project that is in a very early stage of its development is no minor accomplishment.

Meanwhile, in regards to how the xSpend solution works, Estrada explained: “The way we do it is they basically initiate the transaction on chain and send us the [for example] SLP. But across the markets that we operate in we actually have a fiat liquidity pool that’s based in that country. We use that to settle with the merchant network”.

In summary, xSpend takes charge of converting users’ cryptocurrencies into fiat and performed the required transactions to complete the payment of their bills. This removes the need to resort to exchanges for this same process and saves money for crypto holders and gamers who typically earn money by engaging in this activity.

P2E Games Thrive in South East Asia

In countries like the Philippines, research shows that only around a third of the population has bank accounts. Meanwhile, this particular country ranked first among other nations within South East Asia in active usage of the MetaMask crypto wallet.

In addition, research also points out that the income that players earn from P2E games can be enough to cover their living expenses and that makes this region fertile territory for the deployment of GameFi solutions like xSpend.

Statistics from PlayerCounter also show that over 40% of the players of the Axie Infinity game are in the Philippines. This country remains the most important one for the game based on the number of active users as it is seconded by Venezuela with a dismal 6.3%.

xSpend remains the only active project in the XLD Finance ecosystem but the developing team is also working to develop other applications including OmniX, a solution that will help businesses in managing their crypto payments, and the XLD Wallet – a non-custodial wallet that will allow users to stake their tokens, make transfers, and payment easily.

Moreover, XLD Finance also expects to launch a solution that will enable merchants to accept crypto payments easily. This application has been named xMerchant and may be available soon.

XLD Finance was launched in June 2021 by Ian Estrada and Herbie Fu and xSpend was made available to users around 7 months after. According to his LinkedIn profile, Estrada worked previously for multiple digital payment companies and served as Head of Consumer Lending for BPI Globe BanKO.

Other early-stage projects in the P2E space are also thriving despite the crypto winter as is the case of Battle Infinity, a decentralized gaming platform that may have the potential to become the next Axie Infinity. Find out more about this project by joining their official Telegram group.

Other Related Articles:

Battle Infinity - Latest Metaverse Game

Our Rating

Battle Infinity
  • Presale Sold Out Early - battleinfinity.io
  • Upcoming Listing on PancakeSwap
  • Fantasy Sports Themed Games
  • Play to Earn Utility - IBAT Token
  • Powered By Unreal Engine
  • Solid Proof Audited, CoinSniper Verified
Battle Infinity