Dubai-based startup SaturnX has announced the raising of $3 million in a funding round to scale its stablecoin payment infrastructure for international remittances.
Investment and Company Goals
The funding round was led by White Star Capital with backing from several institutional investors, highlighting the growing confidence in blockchain technologies.
SaturnX aims to address inefficiencies in the $600 billion global remittance market by offering a stablecoin settlement API. The company positions itself as a backend infrastructure provider for B2B clients including fintechs and financial institutions.
Founder and Team's Role
Founded by FX and crypto veteran Mirnas Brescic, who previously held leadership roles at Rain and Bitpanda. Brescic emphasized the company's mission to merge decentralized and traditional finance.
"Cross-border payments remain costly and slow. SaturnX changes that by helping financial partners unlock faster, lower-cost rails," he stated.
Future Prospects and Plans
The newly raised capital will be directed towards accelerating the expansion into key remittance corridors across Southeast Asia, focusing on the Philippines, Bangladesh, Indonesia, and Pakistan. The funds will also support efforts to bolster regulatory infrastructure and broaden the liquidity network.
Overall, SaturnX is taking significant steps to enhance payment solutions using stablecoins, which may substantially improve the process of international remittances and enhance financial accessibility for clients worldwide.
