StraitsX, a Singapore-based crypto payment platform, today announced that it has surpassed the $1.48 billion (SGD 2 billion) milestone in crypto-related transactions in 2021 alone.
What is StraitsX?
StraitsX is the leading crypto payment platform in Southeast Asia developed by Singapore-based FinTech Xfers Pte. Ltd. Xfers is 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.
StraitsX Crosses $1.5 Billion Crypto Transaction
StraitsX achieves $1.5 billion crypto transaction milestone in less than a year.
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.”
Central banks around the world are examining the potential benefits of digital and decentralised financial systems. Recently, StraitsX have been shortlisted in the MAS Global CBDC Challenge together with its partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies.
“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.”