Skip to main content

XFERS PARTNERS WITH ZILLIQA TO LAUNCH STRAITSX STABLECOIN



Xfers, a fin-tech company from Singapore, is set to launch a stablecoin called StraitsX by partnering with blockchain platform Zilliqa. The token will be pegged to the Singaporean Dollar, and it would be available in December 2019.



StraitsX: A New Stablecoin on Its Way



Xfers is a Singapore-based company focusing on online financial services like payment transactions. It provides a transparent and secure infrastructure for all sorts of businesses.
By partnering with the popular blockchain platform Zilliqa and launching StraitsX (XSGD), Xfers aims to contribute to a more open financial ecosystem within Southeast Asia. The product is set to launch in December this year, and it will be pegged to the Singaporean dollar.
Commenting on the matter was CEO, Tianwei Liu, who said:


Additionally, the project should also receive the support of other major companies in the region, including Sparrow, WoWoo Exchange, Binance Singapore, and CoinHako. Xfers is also backed by Facebook’s co-founder, Eduardo Saverin, who is also on the Brazilian richest people list, which provides additional confidence in its intentions.
The Southeast Asia region has over 630 million people in it. The adoption of digital banking services has substantially increased over the last few years, but it still has a lot of room for growth. Reports have it that out of a total mobile connectivity rate of 133% (many people use more than one SIM card or a phone), only 27% have a bank account at the moment.

Zilliqa and Xfers Partnership

The partnership between the two companies was initially announced earlier this year to explore blockchain payments. According to the CEO of Xfers, the idea behind it was to “implement distributed ledger technology in our payments engine to increase transparency and to cost-efficiently scale up our transactions.”

Reportedly, their banking partners will be able to audit client funds using Xfers’ Wallet stored value facility on a more frequent basis. It would affect regulators as well, by allowing them to view the transaction statistics on the distributed ledger. Because Zilliqa’s blockchain-based platform will work in parallel with Xfers’ centralized infrastructure, this would enable it to handle a larger volume and cope with the potential growth.

Future of DApps

Zilliqa is designed to process thousands of transactions per second on its public blockchain. By dividing the leading network into several smaller ones that work together in a process called sharding, Zilliqa is capable of handling a more considerable amount of transactions per second. The platform allows the development of Decentralized Applications (DApps), which is a crucial component for the partnership Xfers.
Xfers, on the other hand, is in the online payment business with several options for their clients to benefit from. Established in 2015, their platform can be used for payments, distribution, and storage by different companies, as Liu explains:


It’s worth noting that Xfers has been recognized as a valued product by the Monetary Authority of Singapore Widely Accepted Stored Value Facility (MAS WA SVF). As of January 14th this year, Xfers Wallet has been approved by WA SVFs. This also means that all assets that are stored by the company are backed by bank holdings. Last year, the company received an award for assisting the Police in Singapore during a cybercrime investigation.
StraitsX would be the first product to result from the partnership between the blockchain platform Zilliqa and the Eduardo Saverin-backed Xfers.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more
  First US Stimulus Check Now Worth Almost $9,000 if Invested in Bitcoin If American citizens used their $1,200 stimulus checks to buy BTC in April 2020, they would have seen a return of over 620%. A bitcoin investment worth $1,200 following the first stimulus checks sent by the US government in April 2020 would have skyrocketed by more than 600% until today to over $8,500. Although this is a spectacular growth for less than a year, the same investment put in Ether would have presented an even better ROI of over 1,000%. Option 1) Stimulus Put In BTC The US government initiated a drastic measure last year to sent stimulus packages to its citizens following the COVID-19 pandemic, which caused numerous disruptions to people’s lives, businesses, and personal finances. Following the initial deal that then-President Donald Trump signed, the Federal Reserve sent out checks worth $1,200 to every adult making below $75,000 per year. The first  reported  cases of people receiving t...
Post a Comment
Read more