xFers and Zilliqa partnered and now they aim to launch a stablecoin called StratisX which will be pegged to the Singaporean Dollar and will be available from December 2019. Let’s find out more about this project in the altcoin news today.
Xfers is a fin-tech company from Singapore that is focusing on online financial services such as payment transactions. It provides a transparent infrastructure that is also more secure for all sorts of businesses. By partnering with the popular blockchain platform Zilliqa and by launching the StratisX stablecoin, the fin-tech company aims to contribute to a more open financial ecosystem within Southeast Asia. The product will be launched in December this year and will be pegged to the Singaporean dollar. The CEO Tainwei Liu commented:
“StraitsX demonstrates our willingness to adopt technology to propel our vision of building an open banking infrastructure for the region. With the transparency that blockchain provides, as well as the stablecoins being price-pegged to local fiat currencies, StraitsX aims to be a common ledger for digital assets, payments, fund transfers, and e-commerce.”
The project will also receive the support of other major companies including Binance Singapore, CoinHako, WoWoo Exchange and Sparrow. Xfers and Zilliqa will be backed by the co-founder of Facebook Eduardo Saverin who is on the list of the richest people of Brazil which provides additional confidence in the intentions of the project.
The southeast Asian region has more than 630 million people in it and the adoption of digital banking services dramatically increased over the last few years but it still has a lot of room to grow. The reports show that a total mobile connectivity rate of 133 percent, only 26 percent have a bank account at the moment. However, the partnership between the two companies will also explore blockchain payments.
According to the CO of Xfers, the idea behind the partnership was to ‘’implement distributed ledger technology in our payments engine to increase transparency and to cost-efficiently scale up our transactions.’’ The banking partners will also be able to audit client funds by using Xfers’s wallet stored value facility on an everyday basis. It will also affect the regulators by allowing them to view the transaction statistics on the DLT.
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