Payments and cryptocurrency platform Crypto.com has announced that it is the first company to adopt XSGD, the Singapore-dollar backed and pegged stablecoin. Issued by Xfers, under the project name of StraitsX, the XSGD token is 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. XSGD will be among 50+ cryptocurrencies listed on the Crypto.com mobile app.
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 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.
Founded in 2015, Xfers is Southeast Asia’s leading Fintech platform for digital businesses, enabling open banking for Southeast Asia.