<HONG KONG, Feb 17, 2020 > Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it is the first company to adopt XSGD, the Singapore-dollar backed and pegged stablecoin. XSGD will be among 50+ cryptocurrencies listed on the Crypto.com mobile app.
Issued by Xfers, under the project name of StraitsX, the XSGD token is fully collateralized with the Singapore Dollar and is pegged 1:1 to SGD. In Singapore, Xfers is a holder of the Major Payment Institution license to carry on e-money issuance. XSGD is powered by Zilliqa, the high-throughput, high-security blockchain protocol.
Tianwei Liu, Co-Founder and CEO of Xfers said: “Since the announcement of the pilot of StraitsX in November last year, the listing on Crypto.com’s mobile app marks the first public appearance of XSGD. Our team is excited about the possibilities enabled by an SGD-pegged stablecoin, and we look forward to having more merchants join us in this initiative.”
Crypto.com has been partnering with Xfers, the payment processing gateway facilitating online bank transfers and credit/debit card processing, to provide easy access for customers to buy digital assets with fiat.
Kris Marszalek, Co-Founder and CEO of Crypto.com said: “Stablecoins play a critical role in the adoption of digital assets. We are thrilled to welcome XSGD to the Crypto.com platform and look forward to working together on accelerating the world’s transition to digital assets.”
StraitsX invites merchants who wish to join the StraitsX initiative to reach out to:
Founded in 2015, Xfers is Southeast Asia’s leading Fintech platform for digital businesses, enabling open banking for Southeast Asia. It boasts a range of last-mile financial rails including the Xfers Wallet Kit, Fiat-to-Crypto ramps and Virtual accounts. Today, Xfers and its partnering merchants process over US$150 million for over 10 million unique active users every month across Singapore and Indonesia. In Singapore, Xfers is the holder of a Major Payment Institution license for e-money issuance under the new Payment Services Act. In Indonesia, Xfers offers a range of API-driven financial solutions that include Channeling of loans, Disbursements and Virtual Accounts. Xfers works closely with regulators to ensure that all its products and services are fully compliant with the highest regulatory standards. For more information, visit: https://www.xfers.com/.
Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. Developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services, Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. For more information, visit: zilliqa.com.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of “cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 250+ strong team. For more information, please visit www.crypto.com.