South Korean Giant Hanwha Invests $3M in Crypto Disclosure Startup
Xangle, a crypto disclosure platform by CrossAngle, closes a $3.3 million round from South Koreaâ€™s conglomerate Hanwha Group.
Major South Korean conglomerate Hanwha Group is cementing its involvement in the cryptocurrency industry with a new investment.
Hanwha Investment & Securities, a securities brokerage subsidiary of Hanwha Group, has participated in a 4 billion won ($3.3 million) funding round in crypto firm CrossAngle.
Xangle is specialized in collecting corporate disclosures for crypto
Announcing the news on July 16, CrossAngle said that the Series A2 investment is expected to enable the company to develop an infrastructure for institutionalizing crypto data services. Incorporated in Singapore, CrossAngle is building Xangle, a public crypto disclosure service focused on providing transparent data for cryptocurrencies like Bitcoin (BTC).
In order to provide its disclosure service, Xangle collects, verifies and integrates corporate disclosures from global projects and companies that have issued crypto assets. The platform provides the public access to both off-chain corporate disclosures and on-chain metrics and analytics.
More than 800 cryptocurrencies are featured on Xangle
According to the announcement, Xangle’s global partner network has more than 60 exchanges so far, featuring countries like South Korea, Japan, China, Southeast Asia, Russia, the United States, as well as European jurisdictions. The firm claims to provide the public access disclosure data for over 800 crypto assets to date.
Xangleâ€™s disclosure information for Bitcoin. Source: Xangle
James Junwoo Kim, CSO and co-founder of CrossAngle, said that the new funding will help Xangle make â€œsignificant contributions to the advancement of the industry and expand the boundaries for the industry as a whole.”
Hanwha Investment & Securities is a subsidiary of Hanwha Group, one of South Koreaâ€™s largest conglomerates alongside companies like Samsung, Hyundai, LG, and SK Group.
The investment comes amid Hanwha Investment & Securities pushing its digital expertise. Earlier this year, the company participated in a $31 million in a Series A funding round in Stellar-based blockchain startup Lightnet.
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