Xfers’ digital assets payment platform hits $1.5b in transactions

StraitsX, a digital assets payments platform developed by Singapore-based Xfers, has launched a refreshed platform as it hits the S$2 billion (roughly US$1.5 billion) mark in transactions for this year alone.

From left: Head of StraitsX Aymeric Salley, together with the co-founders of Xfers, Victor Liew, Liu Tianwei, Samson Leo, and Liu Tianyao / Photo credit: Xfers

StraitsX allows users to transfer, mint, and redeem XSGD (StraitsX Singapore Dollar), a fully collateralized Singapore dollar stablecoin, with a connected bank account. It also enables individuals to spend their XSGD on various digital asset platforms.

The payments platform also lets businesses collect, disburse, and reconcile funds from their end-users. It currently supports more than 10 digital asset platforms in Singapore, including ZilSwap, Uniswap, and DFX Finance.

The announcement comes after Xfers raised US$30 million from Indonesia’s Payfazz, which came with the formation of a new entity, Fazz Financial Group.

“The growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns,” said Aymeric Salley, head of StraitsX, in a statement. He added that the startup was also shortlisted in the Monetary Authority of Singapore’s Global Central Bank Digital Currency (CBDC) Challenge, along with its partner SEBA Bank, to explore retail solutions for the CBDC.

StraitsX’s redesign features a streamlined user interface to enable faster and more efficient navigation. It also comes with a brand logo refresh for the company and a new token logo for XSGD.