Crypto.com becomes the first crypto platform to adopt Singapore-dollar pegged stablecoin. It has announced the addition of XSGD to its list of cryptocurrencies.
Primarily, the inclusion of XSGD brings the total of listed cryptocurrencies on Crypto.com to 50. XSGD is issued under a project name StraitsX by Southeast Asia’s leading Fintech platform named, Xfers which is known for its digital businesses.
Pegged at 1:1 SGD, the XSGD token completely collateralized with the Singapore Dollar. Above all in Singapore, Xfers is a holder of licenses to carry on e-money issuing for Major Payment Institutions.
The Co-Founder, and CEO of Xfers, Tianwei Liu, stated that his team is enthusiastic about this new initiative and possibilities that have been enabled by the SGD-pegged stablecoin.
On talking about the same further, he stated,
Since the announcement of the pilot of StraitsX in November last year. The listing on Crypto.com’s mobile app marks the first public appearance of XSGD. However, we are looking forward to having more merchants join us in this initiative.
Crypto.com was established in 2016 on a simple belief, to create a platform so that people can take benefit to control their money, data, and identity as it is a basic fundamental human right.
Currently, Crypto.com has nearly 1 million users on its platform today; the firm has experienced an impressive growth afterward with an offering of various extraordinary benefits.
Co-Founder and Ceo of Crypto.com, Kris Marszalek stated,
Stablecoins play a critical role in the adoption of digital assets. We are thrilled to welcome XSGD to the Crypto.com platform. And look forward to working together on accelerating the world’s transition to digital assets.
Primarily, Crypto.com ideates to collaborate with Xfers, to provide easy access to customers to buy digital assets through fiat. The CRO stakers were offered bitcoin at a 25% discount by Crypto.com and also listed EOS at a deducted price, with other extraordinary features.