MetaComp Raises $35M For Its Stablecoin Solutions

MetaComp has raised $35M in a pre-series A round.

The company has announced that it has officially secured investment from leading backers towards its stablecoin and tokenised-based products. Named participants in the round include giant corporation Alibaba, as well as Spark Venture, among others.

Co-President Tin Pei Ling expressed:

“Traditional payment systems remain constrained by multi-day settlement cycles, high costs and limited currency coverage, and that gap is exactly what we were founded to solve. This funding accelerates the StableX Network across Asia, the Middle East, Africa and Latin America, where demand for compliant, real-time cross-border settlement is growing fastest."

MetaComp has noted that this will be aimed at primarily growing the FX (Foreign Exchange) product called StableX, which supports stablecoin conversions with top fiat currencies. The converter currently includes stablecoins such as Tether’s USDT and Circle’s USDC, but it is likely more stablecoins will be added from different global partner issuers.