Wirex Integrates World's Largest Non-USD Fiat-Backed Stablecoin, XSGD on Platform

News provided by

Jan 06, 2022, 06:00 ET

LONDON, Jan. 6, 2022 /PRNewswire/ -- Wirex, a leading digital payments platform, has added six new stablecoins to their platform as they continue their mission to bring crypto to the mainstream. The latest to be integrated is XSGD, the world's largest non-USD fiat-backed stablecoin.

Pavel Matveev, the CEO and Co-Founder of Wirex, has for long believed that stablecoins are a key component in a digital economy. The six new tokens will sit alongside DAI, the first stablecoin to be integrated into the Wirex platform in 2019. With over 4.5 million users already, the platform gives users the ability to buy, hold, exchange, sell multiple traditional and cryptocurrencies, which can be spent with the world's first crypto-enabled prepaid card.

Backed 1:1 to the Singapore dollar, XSGD was chosen as Wirex's first APAC-based stablecoin, as it ties into the company's focus on promoting a safe and trusted crypto sector. Available on the StraitsX platform developed by Xfers Pte. Ltd, a major Southeast Asian payment processing gateway, the token was created to help realise the vision of a regulated and decentralised financial system in Singapore.

Reflecting Singapore's forward-thinking regulatory attitude towards crypto, Xfers is licensed by the Monetary Authority of Singapore under the e-money framework and adopts recommendations from the Financial Action Task Force. The token will allow users to receive the benefits of crypto such as faster payments and lower transaction fees while knowing their funds are secure and regulated.

The six stablecoins are the latest in a series of token releases as Wirex continues to expand the selection on its platform. The new tokens now available are STASIS EURO (EURS), True (TUSD), USD Coin, (USDC), Tether (USDT), USDP and XSGD*. In Singapore, the popular LINK and UNI tokens, as well as XSGD, will also be available for users, where Singaporeans can perform a bank transfer of SGD to Wirex using StraitsX to convert to XSGD.

Pavel Matveev commented: "Wirex was founded with a mission to make crypto open to all, so it's vital to offer a wide variety of tokens to suit all users, regardless of their lifestyle and experience with crypto. Stablecoins such as XSGD are a great option for those new to crypto as they are pegged to a stable asset, keeping the value more consistent over time while still offering users the benefits of crypto."

Aymeric Salley, Head of StraitsX added, "At StraitsX, we believe ASEAN currencies denominated stablecoins will see increasing adoption and we're delighted to see Wirex pioneering this effort with XSGD now being supported by the Wirex platform. We look forward to users being able to spend XSGD via the Wirex card."

Endeavouring to give everyone access to crypto and DeFi, Wirex has continued to expand its products, having recently launched the brand new Wirex Whitepaper. The whitepaper outlined several major innovations that would solidify their vision for Wirex's WXT token that included a recently launched non-custodial Wirex Wallet. In the coming months, Wirex has plans to upgrade its rewards programme, X-tras 2.0, add additional highly requested coins, and expand its product to the US.

*Some tokens only available in certain regions

Notes to editors:

About Wirex

Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains

With over 4.5 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 61 million locations around the world using the Wirex card.

Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback™, which earns cardholders up to 2% back in WXT for every transaction they make.

To reflect the growth of the metaverse, throughout 2021, the company has expanded their product to enable mainstream access to DeFi. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.

Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

| wirexapp.com |

About StraitsX

StraitsX is the pioneering payments infrastructure for digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers, which is a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. StraitsX offers personal and business accounts to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms and issue the Singapore Dollar-backed stablecoin, XSGD.

| straitsx.com |

SOURCE Wirex