XSGD Expands Multichain Ecosystem with Support at Hedera

XSGD Expands Multichain Ecosystem with Support at Hedera

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XSGD Expands Multichain Ecosystem with Support at Hedera

Friday, 26 May 2023 | 12:09

SINGAPORE – Media Access StraitsXSoutheast Asia-based digital asset payment infrastructure, announced the use of the StraitsX Singapore Dollar (XSGD) at Hedera Network.

Since its launch in October 2020, XSGD has seen rapid adoption, surpassing over 7 billion XSGD in online transactions, making it one of the largest non-USD currencies by current market size. Starting today, users can use the StraitsX platform to send and receive XSGD on the Hedera network. XSGD (Hedera) is also expected to be listed on international exchanges in the coming months.

Hedera is a leaderless proof-of-stake (POS) network supported by hashgraph consensus, achieving the highest levels of security (ABFT) By combining high throughput, low fees and completion within seconds, transactions on Hedera are blazing fast with very low bandwidth usage. HBAR is Hedera’s original, energy-efficient cryptocurrency that powers a decentralized economy.

XSGD support on the Hedera network is comparable to the main target The basis of HBAR, provides the ecosystem resources needed by entrepreneurs to build and deploy new applications on the Hedera network. XSGD on Hedera offers the benefits of stable Southeastern fiat-backed currencies to end users and applications built on the Hedera network, enabling instant cross-border settlement, high speed payments and low, predictable fees. transaction.

“We are excited to have XSGD on the native Hedera Network, contributing to a thriving application system that provides real-time XSGD stablecoin payments. With Hedera’s energy-efficient system, smaller payments in stablecoins will become more feasible, leading to greater financial inclusion in the region ,” said Kenny Chan, Head of StraitsX.

“We are excited to work with StraitsX to bring the native XSGD to market and add a new fully regulated and secured currency to our ecosystem. We believe XSGD will add value to Hedera-based applications in APAC and beyond, including the opportunity for financial inclusion as evidenced by our POC previous with StraitsX,” added Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation.