PALO ALTO, Calif. - X.com announced that it has completed a $30 million round of funding led by the investment arm of Credit Agricole.
The Internet payment and financial services company said it plans to use the money to expand into Europe, Japan, South America, and other foreign counties.
Late this year X.com will create local currency online payment exchanges in those areas. But starting early this fall it will begin allowing foreigners to open X.com accounts in this country in U.S. dollars.
By doing so it hopes to help increase foreign sales for U.S. e-commerce sites, including auctions.
Next year X.com will allow instant online international payment transactions between people in different countries and involving different currencies.
"X.com is creating a new, global payment system that will revolutionize payments by making them faster, more convenient, more secure, and much less expensive to process," said Elon Mush, its founder and chief executive officer.