- Building the framework to institutionalize crypto asset data services
- Leading the initiative to consolidate and standardize global crypto data and disclosures
SEOUL, South Korea, July 16, 2020 /PRNewswire/ — CrossAngle, operator of the global crypto asset disclosure platform Xangle, announced that it has successfully completed its Series A2 investment round by Hanhwa Investment & Securities (KRX: 003530), a licensed securities brokerage subsidiary of South Korea’s Hanhwa Group.
The 4 billion won (US$3.3 million) funding is significant because CrossAngle has managed to convince an incumbent financial industry player of its potential just a year and a half into its operations. The funding is expected to enable the company to build the foundations and infrastructure for institutionalizing data services for crypto assets, which is currently regarded as one of the essential pillars for the industry.
Hanhwa Investment & Securities is one of the major securities brokerages in South Korea and is a subsidiary to Hanhwa Group, one of Korea’s largest conglomerates alongside Samsung, Hyundai, LG, and SK. Hanhwa Investment & Securities is currently working to strengthen its digital capabilities, and is the first investment firm in South Korea to create a subsidiary that deals with ‘big data.’
Xangle collects, verifies, and integrates corporate disclosures from global projects and companies that have issued crypto assets. This information is made public along with on-chain blockchain data, all of which are displayed in a user-friendly format to help the public’s understanding of the crypto assets. One of the key issues concerning on-chain data is the difficulty associated with analyzing raw data. Xangle provides both off-chain corporate disclosures and easily accessible on-chain metrics and analytics to the public.
CrossAngle aims to consolidate and standardize information so that access and understanding of crypto assets is easier for everyone. As crypto assets transcend existing national boundaries and languages, a platform to accommodate the broad user base is necessary. The standardized disclosure content Xangle provides will make it easier for projects and stakeholders in different parts of the world to communicate: for projects to share and disseminate their latest information, and for exchanges, funds, and holders to conduct proper due diligence and systematically monitor each project’s progress.
The industry is at a global tipping point, with government regulations and policies more actively addressing the new asset class. Central banks are investigating Central Bank Digital Currencies (CDBCs), and the recent spotlight on ‘un-tact’ technologies are pushing for a more digital world. Even now major global financial industry players are making investments in to blockchain technology and trial-running pilot services using blockchain.
James Junwoo Kim, the co-founder of CrossAngle, successfully led this funding round and expressed that “resolving existing industry problems and creating a solid data/information ecosystem based on stakeholder participation is crucial to the industry’s growth and eventual mass adoption.” With the latest funding, he hopes that Xangle can “make significant contributions to the advancement of the industry and expand the boundaries for the industry as a whole.”
Xangle’s global partner network includes 60+ exchanges, with a combined geographic footprint including South Korea, Japan, China, Southeast Asia, Russia, Europe, and the United States. The public can access disclosure data for over 800 crypto assets, of which more than 400 assets are registered and directly maintained by blockchain projects.
Xangle is a global leading crypto asset disclosure platform working with global leading players to bring data transparency by providing full scope information on assets. Xangle sources and curates on-chain data and assists in off-chain inputs and this combination of on-chain and off-chain datasets can provide a complete 360-degree overview for any crypto asset.
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