We're delighted to share that StraitsX has processed over SGD 2 billion in digital asset-related transactions in 2021 alone. In our mission to accelerate access to digital assets in Southeast Asia, we are excited to unveil a new look for the StraitsX platform, featuring a new logo for the StraitsX Singapore Dollar (XSGD) and a brand new refreshed user interface.
For existing users, your Xfers personal account is now a StraitsX personal account. You can continue to use the same credentials to login to your account. Moving forward, please access your account via the StraitsX platform.
Since we released the StraitsX initiative in October of 2020, we have grown tremendously. As of September 2021, our Singapore Dollar stablecoin XSGD has surpassed over SGD 1.5 billion in on-chain transaction value. XSGD has also become available on various Decentralised Finance (DeFi) applications, including Uniswap, Zilswap, DFX Finance and 1inch.
StraitsX also provides APIs to over 10 different digital assets platforms, enabling them to seamlessly accept and disburse funds to their users. Through these APIs, StraitsX has processed over 2 billion Singapore dollars in digital asset-related transactions in the year 2021 alone.
Aymeric Salley, Head of StraitsX, said, “The growth in transaction volume shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns. Meanwhile, Central banks around the world are examining the potential benefits of digital and decentralised financial systems. Recently, we have been shortlisted in the MAS Global CBDC Challenge together with our partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies, and we intend to intensify our efforts working hand-in-hand with both regulators and digital assets market participants to enable such transformation”
Strait is a noun that refers to a narrow passage of water connecting two seas or two other large areas of water. Straits can be found all over the world but can prominently be found in Southeast Asia, with the Singapore Strait, Strait of Malacca, Sunda Strait and Lombok Strait all being economically important trade routes. 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.
Today, we are also introducing a brand new token logo for the StraitsX Singapore Dollar (XSGD), which now bears our brand new X symbol and is optimised to remain legible at any size. The equal borders at the top and the bottom represent XSGD’s one for one parity with the Singapore dollar.
Our brand new redesigned and streamlined user interface makes it easy for you to navigate and provides a short guide for users who are new to StraitsX.
In addition to updating our dashboard to our new brand colours, we have also changed the fonts for greater readability and accessibility.
All balances in your StraitsX account will now be reflected as XSGD.
When you make a Singapore dollar transfer into your StraitsX account, we will reflect your balance as XSGD. Similarly, when you make a request to transfer XSGD out to your bank account, we will send an equivalent amount of Singapore dollars to your bank account. You will continue to be able to connect your account with merchants such as Crypto.com and Luno to spend your balance.
XSGD tokens will always be redeemable one for one with SGD on the StraitsX platform.
No fee will be incurred when SGD is converted to XSGD and vice versa.
The StraitsX APIs are ready-built, developer-friendly solutions to help businesses collect, disburse and reconcile customer funds. Via the StraitsX Payment API, businesses can easily manage all inflows to their account. The StraitsX Payout API enables businesses to automate all outgoing funds flow out of their accounts. For businesses familiar with our existing Xfers Direct and Xfers Wallet solutions, these are merged into our new StraitsX Payment and Payout APIs.
Starting today, daily outbound bank transfer limits are raised from SGD 10,000 to SGD 50,000 for all StraitsX personal accounts.