SINGAPORE, Oct 11, 2021 – (ACN Newswire) – StraitsX, Southeast Asia’s pioneering digital assets platform developed by Xfers, a Singapore-based FinTech licensed by the Monetary Authority of Singapore (MAS) for e-money issuance, today announced that it has surpassed the SGD 2 billion mark in digital assets-related transactions on its payment platform in 2021 alone.
Aymeric Salay, Head at StraitsX said that “the growth in transactions indicates that investors are increasingly considering digital assets as an alternate form of investment that offers liquidity, returns, and is more attractive to them.” Central banks all over the globe are now examining the potential advantages of decentralised and digital financial systems. Recently, we have been shortlisted in the MAS Global CBDC Challenge together with our partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies, and we intend to intensify our efforts working hand-in-hand with both regulators and digital assets market participants to enable such transformation”
Rebranding and Transformation for better user experience
This announcement also includes the unveiling of StraitsX’s new platform identity. To facilitate faster and more efficient navigation, the new StraitsX platform has a simplified user interface. Individual users can transfer, redeem, and mint XSGD using a connected bank account. They can also spend their XSGD on various digital asset platforms. Business can also use APIs to receive, disburse, and reconcile funds from end-users. StraitsX currently supports over 10 digital asset platforms in Singapore through its API solution.
” With the growing adoption of digital assets by users, we believe we can better serve this market and have decided to separate StraitsX from our other brand. We are dedicated to accelerating Southeast Asian access to digital resources. Salley stated that this brand update is intended to improve user experience, and communicate better our mission to provide access to digital assets in Southeast Asia.
The new StraitsX logo depicts a “strait”, which is a narrow passage of water that connects two bodies of water. StraitsX, which is similar to a strait in appearance, aims to link the existing fiat-based financial systems to a blockchain-based one through its services and StraitsX stablecoins. StraitsX also has a new token logo, XSGD. It features a simplified design that optimizes for easier reading. The equal border at the top and bottom signify XSGD’s one-for-one parity with Singapore dollars.
In October 2020, StraitsX launched Southeast Asia’s first stablecoin – the StraitsX Singapore Dollar (XSGD), a digital token available on the Ethereum and Zilliqa blockchain that is backed one-for-one by the Singapore dollar. XSGD can be supported on many digital asset platforms, including Zilswap (Uniswap), DFX finance (DFX finance) and Zilswap (Uniswap). As of September 2021, XSGD crossed over 1.5 billion SGD in on-chain transaction value.
Salley said, “At StraitsX we strive to enable access to digital assets in Asia, and beyond. We have seen a tremendous increase in digital asset-related transactions, and the adoption of XSGD. This was thanks to our valued partners. Through the StraitsX platform, and StraitsX stablecoins, we hope to continue providing value to our Southeast Asian users. “
About StraitsX by Xfers
StraitsX, a pioneering payment infrastructure for Southeast Asia’s digital assets space, was developed by FinTech Xfers Pte in Singapore. Ltd is a Major Payment Institution licensed to issue e-money by the Monetary Authority of Singapore. StraitsX allows individuals and businesses to deposit, withdraw and hold funds. It also connects accounts to digital asset platform accounts. B2B API-enabled payment rails for digital assets platforms can be accessed by business accounts. Business accounts also have access to the XSGD, a Singapore Dollar-backed stablecoin.
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Topic: Press release summary
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