NEW YORK, NY, September 21, 2022 – (SEAPRWire) – VegaX Holdings (“VegaX”), the financial technology company providing proprietary infrastructure solutions to support the growth of structured products across the crypto market for institutions globally, announced the company’s Series A funding round led by Danal Fintech Corporation (“Danal Fintech”), the leading payment solutions provider in South Korea.
Danal Fintech, a subsidiary of Danal Inc. which is one of the largest integrated B2B payment solution providers in South Korea, is the operating body of Paycoin and a global leader in integrated fintech payments solutions. Danal Fintech’s investment in VegaX continues to reinforce its leadership position as an early adopter to value accruing technologies.
VegaX will primarily use this round of funding to support the product development roadmap for enterprise solutions and the optimization of the proprietary AI engine to include white label solutions for institutional clients across the US and South Korea. Sang Lee, Co-Founder and CEO of VegaX noted, “We are thrilled to have Danal Fintech’s partnership and support as a lead investor in our Series A round. As we continue to build core technology infrastructure solutions to support Web3 assets for institutions and B2B partners across the US and Asia, we look forward to working with Danal’s team to provide unprecedented and reliable digital asset management solutions to support the growing market.”
As institutions explore technology solutions to navigate the crypto and Web3 market more efficiently, this round of funding signals institutional interest for the infrastructure solutions required to support the next stage of growth for the digital asset market globally.
CEO of Danal Fintech, Yong Taek Hwang stated, “Danal Fintech will be able to efficiently explore opportunities and provide our customers with seamless access to digital asset products globally. Thanks to VegaX’s proprietary technology, we see long term synergies that will create significant value across our companies and operations for the long term.”
The latest funding announcement comes after VegaX’s venture capital-backed seed round led by SOSV and Artesian in 2020, marking another milestone for the fintech firm as a global leader in creating fintech solutions to bridge the gap between the traditional finance world and the future of decentralized finance. Due to a recent influx of traditional funds and institutions actively seeking the firm’s crypto index products and technology, VegaX provides enhanced solutions to address difficulties including, but not limited to: onboarding, custody, security, research and seamless access to diverse range crypto products.
About VegaX Holdings:
VegaX Holdings (VegaX) is a financial technology company providing infrastructure solutions to support the growth of structured products across the crypto market for institutions via actionable crypto indexes and proprietary automated portfolio rebalancing tools. Established in 2019, VegaX creates next-generation indexes and financial products that are needed to support the growth of the cryptocurrency industry and improve returns for investors worldwide. Headquartered in New York, NY and Seoul, South Korea, VegaX has a globally distributed team passionate about building infrastructure to support the next generation of digital assets. Better Indexes, Better Returns – VegaX: https://vegaxholdings.com/
Sang H. Lee – CEO, Co-Founder
Natasha Bansgopaul – COO, Co-Founder
About Danal Fintech Corp. (Danal Fintech):
Danal Fintech Corp. is a subsidiary of Danal, an integrated payment solution provider. Established in 2019, Danal Fintech operates ‘Paycoin’ – the first and the largest virtual asset payment service in Korea and is leading a new paradigm in the payment market through the company’s 20-year know-how. Paycoin focuses on solving problems seen in the payment market such as high commission and slow settlement cycles. With blockchain technology, Paycoin extended payment infrastructure and revamps the value chain of both merchants and customers. Paycoin is also listed on exchanges such as Bithumb, COINONE, Upbit, etc. Danal Fintech is constantly growing through challenging new ideas and innovative technology.
Crypto currency-based lifestyle platform – Danal Fintech: http://www.danalfintech.com/eng/
Yong Taek Hwang – CEO
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