Starting today, verified StraitsX users can access the StraitsX platform to set up their StraitsX Mint function and directly mint XSGD into their preferred blockchain address by sending Singapore dollars to the bank account number available in the Mint tab.
In order to access the Mint function, users would need to complete linking their bank account and whitelist their blockchain address. Both custodial and non-custodial wallets are supported. Users can then select the bank account and blockchain address to use with Mint.
Once the setup is complete, users can convert SGD to XSGD straight to their blockchain address by transferring SGD from their bank account to the bank account provided by StraitsX Mint without the need to log in to StraitsX. XSGD will then be sent to their blockchain address accordingly.
Users can mint up to 200,000 XSGD per transaction.
Both XSGD (ERC-20) and XSGD (ZRC-2) are supported.
SGD and XSGD are converted at a 1:1 rate. Network fees apply and are capped at 5 XSGD per transfer for personal accounts.