MetaComp has recently completed a Pre-A+ funding round, securing financial backing from Alibaba and Spark Venture, with total investments reaching $35 million. This funding aims to enhance its StableX Network internationally.

Singapore-based MetaComp stated that they are expanding their stablecoin payment framework. With the additional capital, MetaComp intends to broaden their StableX Network, creating a platform connecting regulated financial institutions and stablecoin issuers through blockchain technology.

“MetaComp was built on a single conviction: that the future of cross-border finance is neither purely traditional nor purely digital — it’s the integrated Web2.5 architecture where fiat rails and stablecoin networks operate as one,” said Tin Pei Ling, Co-President of MetaComp.

Alibaba’s involvement is significant amidst the strict regulations on stablecoin issuance in China. In February, the government reiterated that both domestic and foreign entities are restricted from issuing stablecoins linked to the national currency without prior approval. The stablecoin market is anticipated to grow to $2 trillion by 2028, as projected by various institutions.