StraitsX expands XSGD multi-chain ecosystem with support on Avalanche

June 26, 2024

StraitsX is proud to announce the expansion of XSGD, the StraitsX Singapore Dollar, to the Avalanche Contract Chain (C-Chain). This strategic integration marks a significant milestone in enhancing XSGD’s interoperability, scalability, and utility within the decentralised finance (DeFi) ecosystem. Avalanche becomes the fifth blockchain to incorporate XSGD, joining Ethereum, Polygon, Hedera, and Zilliqa. 

Accelerating DeFi innovation with Avalanche

Avalanche, a Layer 1 blockchain, renowned for its sub-second transaction finality, low transaction fees, security, and impressive consistency, making it an ideal platform for XSGD’s continued usability. XSGD is the latest chapter in the growth of on-chain Forex and payments on Avalanche. Operating on the Avalanche Consensus Protocol, the network can process approximately 4,500 transactions per second. In comparison, Ethereum processes transactions at a rate of 15-45 per second at the moment. By leveraging Avalanche, StraitsX aims to provide all XSGD users with faster, cheaper, and more efficient transactions across various DeFi applications.

Secure XSGD 

The Avalanche chain relies on a consensus protocol that leverages the principle of ‘Repeated Sub-Sampling Voting’. The mechanism calls for multiple rounds of sampling and voting amongst system validators to ensure the legitimacy of transactions. This unique consensus mechanism ensures robust security, making XSGD transactions more reliable and efficient.

A Synergistic Partnership

The latest integration aligns with StraitsX’s mission to simplify blockchain-enabled cross-border payments. Last November, StraitsX announced a partnership with Ant International and Grab to facilitate cross-border payments for local merchants. Through this collaboration, GrabPay merchants can accept payments made via the Alipay+ solution, with payment flows enabled by a store of value in XSGD. Including XSGD on Avalanche could further reduce payment processing costs for GrabPay and Alipay+ powered e-wallets.

“This integration with Avalanche represents a significant step forward for XSGD and StraitsX. It will not only allow users to tap into Avalanche’s vibrant ecosystem, but also offer users an enhanced experience with quicker transactions and lower fees”, said Jason Tay,  Head of Commercial at StraitsX. “We are thrilled about the new opportunities this partnership brings as we explore capabilities with the Avalanche Foundation. This collaboration will also serve to better inform the design and infrastructure of cross-border stablecoin payment networks, ultimately enhancing user experiences.”

About Avalanche

Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.

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