StraitsX announced that it has surpassed the SGD 2 billion mark in digital assets-related transactions on its payment platform in 2021 alone.
Southeast Asian digital assets platform StraitsX recently announced that it has surpassed SGD 2 Billion in digital transactions on its payment platform, and took the opportunity to debuted its newly revamped platform and branding.
Developed by Singapore-based FinTech company Xfers Pte Ltd, StraitsX offers both personal and enterprise accounts that can hold, deposit, and withdraw digital assets. Companies can also integrate B2B API-enabled payments rails for digital assets platforms and mint the SGD-backed stablecoin, XSGD.
Addressing the company’s latest achievement, Head of StraitsX Aymeric Sally states that “The growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns. Meanwhile, central banks around the world are examining the potential benefits of digital and decentralised 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” said Aymeric, referring to the recent MAS announcement on the 15 finalists selected for the Global CBDC Challenge.
At the same time, StraitsX took the opportunity to showcase their re-designed platform which features a streamlined interface and easier navigation. Users of both Xfers and StraitsX can now log into the platform quickly, while new users can download their Whitepaper or view their list of StraitsX API-supported partners which includes exchanges like Zipmex, Coinhako, Crypto.com, and Independent Reserves.
StraitsX and their native XSGD stablecoin also received a brand revamp. The new StraitsX logo currently depicts a strait which indicates StraitsX’s aim to connect traditional finance to a blockchain-based financial system. The XSGD token logo has also removed the Merlion design with its bold X, instead going for two equal curves that indicates the token being backed by the Singapore Dollar.
The StraitsX Singapore Dollar, or XSGD, was launched in October last year as a stable store of value denominated in Singapore Dollars. It is intended to move seamlessly between physical and digital assets, or as a means of payment for other digital assets. The token is supported on the Ethereum and Zilliqa blockchain, and is supported by Decentralised Finance (DeFi) applications like Uniswap, DFX Finance, and Zilswap.
Aymeric added that “At StraitsX, we strive to enable and accelerate access to digital assets in Asia and beyond. With the help of our valuable partners, we have seen tremendous growth in digital asset-related transactions and the adoption of XSGD. We hope to continue to bring value to our users in Southeast Asia through the StraitsX platform and the StraitsX stablecoins.”