StraitsX Indonesia simplifies blockchain transactions by offering users multiple ways to receive XIDR

March 2, 2023

StraitsX, Southeast Asia's leading digital assets platform and licensed by the Monetary Authority of Singapore (MAS) for e-money issuance, has a suite of solutions for Indonesian users looking to receive XIDR, the StraitsX Rupiah stablecoin, in their StraitsX account. The new methods include bank transfers, QRIS, and retail payments, providing users with greater flexibility and convenience.

Stablecoins, digital assets pegged to the value of a fiat currency, have seen a surge in popularity as a way to protect assets and maintain stability during economic uncertainty. StraitsX's XIDR is fully-backed 1:1 by Indonesian Rupiah and runs on the Ethereum, Polygon, & Zilliqa blockchain, featuring fast and efficient transactions.

"We understand that different people have different needs when it comes to converting fiat to stablecoins," said Aymeric Salley, Head of StraitsX. "Our goal is to make the process as easy and convenient as possible for our users, which is why we're introducing multiple options to choose from."

The bank transfer method allows users to directly mint XIDR into their preferred blockchain address by sending Rupiah to the bank account number available in the Mint tab. With QRIS, users can send IDR to their StraitsX account via static QRIS codes with a wide choice of payment options, such as institutional banks and e-wallets. The retail payment option allows users to easily convert cash into XIDR at popular convenience stores such as Alfamart Group and Indomaret.

XIDR aims to be the most cost-effective Indonesian Rupiah stablecoin, with free minting and redemption of XIDR with IDR available via the StraitsX platform, and free outbound on-chain transaction fees.

Indonesian residents can sign up for a StraitsX account and obtain XIDR by transferring Indonesian Rupiah into their bank account. StraitsX also offers businesses in Indonesia the ability to leverage its powerful payments and payouts infrastructure to facilitate fiat and token transactions with its Business Account and Payment API. The StraitsX payment API allows businesses to accept payments from various local top banks, while the StraitsX payout API allows businesses to send and program payouts to over 100+ different banks in Indonesia.

This latest move to introduce multiple methods for converting IDR to XIDR marks a significant step towards making blockchain transactions more accessible for the masses in Indonesia. Sign up for a StraitsX Indonesia Account today.

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