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.
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