Singapore based financial firm Xfers has revealed plans to launch its native stablecoin ‘StraitX (XSGD)’ which would be built on the Zilliqa blockchain network. According to the press release by Xfers the stablecoin XSGD will be pegged to the value of the Singapore dollar and will be launched by December.
Xfers has already secured the partnerships of fintech companies like CoinHako, Binance Singapore, WoWoo Exchange, Coinut and Sparrow for the new project. It is understood that Xfers will be embarking on the project with supports from Zilliqa’s technical team.
StraitX will be expected to increase the level of transparency within transactions and increase access to financial products within its platform. StraitsX also aims to create a more open financial ecosystem and increase financial inclusion within Southeast Asia.
Speaking on the new stablecoin, Xfers Co-Founder and CEO Tianwei Liu believes that StraitsX will be able to achieve its aim as a common ledger for different financial processes. “With the transparency that blockchain provides, as well as the stablecoins being price-pegged to local fiat currencies, StraitsX aims to be the common ledger for digital assets, payments, fund transfers, and e-commerce.”
Xfers Expected To Build More Solutions On Zilliqa Blockchain
It is understood that Xfers chose to use Zilliqa blockchain due to its unique scripting language Scilla which provides novel smart contract functionalities. This is the first major project embarked by Xfers on Zilliqa blockchain since both parties agreed on a partnership earlier in the year.
It is expected that Xfers will build more fintech products and solutions within Zilliqa blockchain network as part of the terms within the partnership agreement. This is great news for Zilliqa which is one of the highly-rated blockchain projects within the crypto industry.
The stablecoin is expected to be accessed by over 10,000 merchants on Xfers platforms and this will increase the level of engagement on the Zilliqa blockchain.
Xfers is a leading fintech firm that allows merchants and individuals to process transactions online with their e-wallet services. Based mainly in South-East Asia, the firm currently helps partner merchants process over $100 million worth of transactions every month and has a client base of close to 10 million users across Indonesia and Singapore.