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Press Release: Tuesday, 17 November 2020, 10:30 CAT | Source: XAGO

Xago, an innovative South African Fintech that focuses on an all-inclusive approach to moving money rapidly, has confirmed receipt of a substantial investment from Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners, and will continue to expand its cryptocurrency services and products into African markets for both businesses and individual clients.

Co-founded in 2016 by Jurgen Kuhnel, Sonya Kuhnel and Mark Chirnside, Xago moves money into or out of crypto in just a few innovative steps and delivers a bespoke payment gateway built on the XRP Ledger and custom-built exchange to trade, send and receive XRP/Xago Digital ZAR. Chirnside, Xago’s CEO, Co-Founder and Chairman, says “Xago changes the way money flows, what it costs and how long it takes to reach a destination while providing a secure, traceable and effective solution to all elements of the financial ecosystem.”

“At Empowerment Capital we look for investees with strong leadership teams who are able to drive inclusive transformation in the South African economy through solutions that address current challenges faced by consumers and society”, says Anton Baumann Executive Director at Empowerment Capital and Imvelo Ventures. “Xago’s offering is unique, bypasses traditional payment rails, while remaining fully compliant and highly secure. Investing in this dynamic Fintech to provide alternative opportunities for individuals, SMEs and Corporates to build alternative wealth in South Africa and into Africa, is a perfect step into the crypto space for Empowerment Capital and Imvelo Ventures.”

Sonya Kuhnel (Xago Co-Founder), Jurgen Kuhnel (Co-Founder and CCO) and Mark Chirnside (Co-Founder, Chairman and CEO).

“Capitec is excited to become involved with such a strong team, who are true experts in the blockchain domain. Xago offers an innovative, low-cost and secure settlement platform to enable us to push the boundaries of traditional payment infrastructure,” confirms Stefan de Klerk, Innovation & Digital Solutions, Capitec Bank Limited.

As Xago is the leading fiat (cash) on- and off-ramp of XRP/Xago Digital ZAR for crypto exchanges, and continues to work with regulators and strategic partners across the globe, this investment is perfectly timed to drive substantial growth for the company.

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This article is a Press Release received from XAGO. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.

Feature Image by Tumisu from Pixabay 

James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email