Japan – StraitsX announces native XSGD & XIDR on Polygon blockchain

Sep 17, 2022 | Business

StraitsX (www.straitsx.com), the leading infrastructure for digital assets in SE Asia, is delighted to announce XSGD & XIDR (Polygon) are now available natively on the StraitsX platform. StraitsX users are able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts, while XSGD & XIDR (Polygon) transferred to StraitsX accounts can be seamlessly converted back to SGD.

StraitsX users are now able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts, while XSGD & XIDR (Polygon) transferred into StraitsX accounts can be seamlessly converted back to SGD.

Polygon becomes StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa. XSGD & XIDR (Polygon) feature fast and efficient transactions, significantly more cost-effective than on the Ethereum network. A Layer 2 solution, Polygon runs decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.

The Singapore dollar-denominated stablecoin (XSGD), launched in October 2020, has gained rapid adoption, boasting SGD 4.8 billion in on-chain transactions and becoming one of the largest non-USD stablecoins by market capital today. The Indonesian Rupiah-denominated stablecoin (XIDR), launched in November 2021, has also gained significant traction, joining XSGD among the largest Southeast Asian stablecoins.

Aymeric Salley, Head of StraitsX, said: “We’re thrilled to introduce our StraitsX stablecoins into the vibrant Polygon ecosystem, enabling our users to take advantage of the faster settlement times and significantly reduced gas costs.”

Hamzah Khan, Head of DeFi and Labs at Polygon, said: “StraitsX’s stablecoins are some of the most-utilized in the cryptocurrency space, particularly outside the U.S. We’re delighted to welcome StraitsX to the Polygon ecosystem and recognize the immense utility they’ll bring — particularly within Polygon’s expanding DeFi ecosystem. We look forward to providing the infrastructure that allows the project to flourish in the coming months and years.”

About StraitsX

StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS). We enable fast and safe access to digital assets markets and decentralised finance applications through StraitsX APIs and stablecoins for individuals and businesses. StraitsX stablecoins XSGD & XIDR are pegged to the SGD & IDR and run on Ethereum, Polygon & Zilliqa blockchains.

With a StraitsX personal account, users can mint and redeem StraitsX stablecoins, manage payments, and connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms. StraitsX is a proud part of the Fazz ecosystem, which powers business banking across Southeast Asia. Visit www.straitsx.com.

About Polygon

Polygon (Matic) provides a formulaic structure for Ethereum Layer 2 solutions, side chains, private chains, and side chain interactions. Any Ethereum contract can be easily adapted to the Polygon POS, a commit-chain with its staking & consensus activity on Ethereum. Boasting lower gas fees and faster speeds than Ethereum, Polygon aims to resolve the problem of scalability. More than 7,000 DeFi apps now use Polygon. Visit https://polygon.technology.

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Aymeric Salley, Head of StraitsX, said, “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”

Rebranding and Transformation for better user experience

Adding on to this announcement is the unveiling of StraitsX’s new platform and identity. The new StraitsX platform features a redesigned and streamlined user interface to enable faster and more efficient navigation. The StraitsX platform enables individual users to transfer, mint and redeem XSGD with a connected bank account, in addition to spending their XSGD with various digital asset platforms. Businesses can also leverage APIs to collect, disburse and reconcile funds from their end-users. StraitsX currently supports over 10 digital asset platforms in Singapore through its API solution.

“With the increase of user adoption towards access to digital assets, we feel that we can better serve this market by separating StraitsX as a standalone brand dedicated to accelerating access to digital assets in Southeast Asia. This brand update aims to improve user experience and better communicate our mission to bring access to digital assets in Southeast Asia,” said Salley.

The new StraitsX brand logo depicts a strait, which is defined as a narrow passage of water connecting two bodies of water. Similar to a strait, StraitsX aims to connect the existing fiat-based financial system to a blockchain-based financial system, through its services and the StraitsX stablecoins. Along with this, StraitsX has also introduced a new token logo for XSGD, which features a simplified design to optimise for better readability. The equal borders at the top and the bottom represent XSGD’s one for one parity with the Singapore dollar.

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 is supported on various digital asset platforms including decentralised finance applications such as Zilswap, Uniswap and DFX finance. As of September 2021, XSGD crossed over 1.5 billion SGD in on-chain transaction value.

Salley added, “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.”

About StraitsX by Xfers

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers Pte. Ltd, a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. StraitsX offers personal and business accounts to deposit, hold and withdraw funds as well as to connect accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms and issues the Singapore Dollar-backed stablecoin, XSGD.

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For media queries PRecious Communications for Xfers/StraitsX:
xfers@preciouscomms.com


Topic: Press release summary