Hong-Kong-based cryptocurrency platform Crypto.com has announced the addition of XSGD, the Singapore-dollar pegged stablecoin, to its list of cryptocurrencies.
The announcement via crypto.com blog post also noted the cryptocurrency platform, is the first crypto firm to adopt XSGD.
Notably, the addition of XSGD, Singapore-dollar backed and pegged stablecoin, brings the tally of listed cryptocurrencies on the Crypto.com mobile app to over 50.
The XSGD is issued by Xfers, a Southeast Asia’s leading Fintech platform for digital businesses, under the project name of StraitsX.
Additionally, the XSGD token is fully collateralized with the Singapore Dollar and is pegged 1:1 to SGD. Notably, in Singapore, Xfers is a holder of the Major Payment Institution license to carry on e-money issuance.
The XSGD is powered by Zilliqa, the high-throughput, high-security blockchain protocol.
Tianwei Liu, Co-Founder, and CEO of Xfers noted his team is excited about the new initiative and the possibilities enabled by the SGD-pegged stablecoin.
He said, “Since the announcement of the pilot of StraitsX in November last year. The listing on Crypto.com’s mobile app marks the first public appearance of XSGD. However, we are looking forward to having more merchants join us in this initiative.”
Crypto.com impressive growth
The platform established in 2016 on a simple belief. It’s a fundamental human right for everyone to control their money, data, identity. The crypto platform has witnessed an impressive growth afterward with an offering of various remarkable perks, recording over 1 million users on its platform today.
Kris Marszalek, Co-Founder and CEO of Crypto.com said: “Stablecoins play a critical role in the adoption of digital assets. We are thrilled to welcome XSGD to the Crypto.com platform. And look forward to working together on accelerating the world’s transition to digital assets.”
Notably, Crypto.com has been collaborating with Xfers, to provide easy access for customers to buy digital assets with fiat.
Recently the crypto platform offered CRO stakers bitcoin at a 25% discount and also listed EOS at a discounted price, amongst other remarkable features.
Crypto.com, the pioneering payments, and cryptocurrency platform, encompassing a range of products aimed at promoting the adoption of cryptocurrencies. While at the moment, the platform offers MCO Visa cards, wallets, and portfolio building services.
The platform is built on a solid foundation of security, privacy, and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013, and also PCI: DSS 3.2.1, Level 1 compliance.