SINGAPORE, Oct 11, 2021 – (ACN Newswire) – StraitsX, Southeast Asia’s pioneering digital properties platform established by Xfers, a Singapore-based FinTech certified by the Monetary Authority of Singapore (MAS) for e-money issuance, today revealed that it has actually gone beyond the SGD 2 billion mark in digital assets-related deals on its payment platform in 2021 alone.
Aymeric Salley, Head of StraitsX, stated, “The development in deals reveals that financiers are significantly checking out digital possessions as an alternative kind of financial investment that provides liquidity and returns. Main banks around the world are analyzing the prospective advantages of digital and decentralised monetary systems. Just recently, we have actually been shortlisted in the MAS Global CBDC Challenge together with our partner SEBA Bank to check out ingenious retail CBDC options to improve payment effectiveness, and we plan to magnify our efforts working together with both regulators and digital properties market individuals to allow such improvement”
Rebranding and Transformation for much better user experience
Adding on to this statement is the unveiling of StraitsX’s brand-new platform and identity. The brand-new StraitsX platform includes a revamped and structured interface to allow faster and more effective navigation. The StraitsX platform allows private users to move, mint and redeem XSGD with a linked checking account, in addition to investing their XSGD with different digital property platforms. Organizations can likewise take advantage of APIs to gather, pay out and fix up funds from their end-users. StraitsX presently supports over 10 digital property platforms in Singapore through its API service.
” With the boost of user adoption towards access to digital possessions, we feel that we can much better serve this market by separating StraitsX as a standalone brand name committed to speeding up access to digital properties in Southeast Asia. This brand name upgrade intends to enhance user experience and much better interact our objective to bring access to digital possessions in Southeast Asia,” stated Salley.
The brand-new StraitsX brand name logo design portrays a strait, which is specified as a narrow passage of water linking 2 bodies of water. Comparable to a strait, StraitsX intends to link the existing fiat-based monetary system to a blockchain-based monetary system, through its services and the StraitsX stablecoins. In addition to this, StraitsX has actually likewise presented a brand-new token logo design for XSGD, which includes a streamlined style to optimise for much better readability. The equivalent borders on top and the bottom represent XSGD’s one for one parity with the Singapore dollar.
In October 2020, StraitsX released Southeast Asia’s very first stablecoin – the StraitsX Singapore Dollar (XSGD), a digital token readily available on the Ethereum and Zilliqa blockchain that is backed one-for-one by the Singapore dollar. XSGD is supported on different digital property platforms consisting of decentralised financing applications such as Zilswap, Uniswap and DFX financing. Since September 2021, XSGD crossed over 1.5 billion SGD in on-chain deal worth.
Salley included, “At StraitsX, we make every effort to make it possible for and speed up access to digital possessions in Asia and beyond. With the aid of our important partners, we have actually seen incredible development in digital asset-related deals and the adoption of XSGD. We want to continue to bring worth to our users in Southeast Asia through the StraitsX platform and the StraitsX stablecoins.”
About StraitsX by Xfers
StraitsX is the pioneering payments facilities for the digital properties area in Southeast Asia established by Singapore-based FinTech Xfers Pte. Ltd, a Major Payment Institution certified by the Monetary Authority of Singapore for e-money issuance. StraitsX provides individual and service accounts to deposit, hold and withdraw funds in addition to link accounts to digital property platforms. Company accounts can likewise access B2B API-enabled payments rails for digital possession platforms and problems the Singapore Dollar-backed stablecoin, XSGD.
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Topic: Press release summary
Sectors: Cards & Payments, Daily Finance, Daily News, CryptoCurrency, Blockchain, Banking & Insurance, ASEAN, Local Biz, FinTech
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