SG’s StraitsX surpasses S$2bn mark in digital assets-related transactions, unveils new platform

StraitsX, a Singapore-based digital assets platform, announced that it has surpassed the S$2 billion mark in digital assets-related transactions on its payment platform in 2021 alone.

Licensed by the Monetary Authority of Singapore (MAS) for e-money issuance, StraitsX is Southeast Asia’s pioneering digital assets platform developed by Xfers.

Aymeric Salley, Head of StraitsX, said the growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns.

Recently, StraitsX has been shortlisted in the MAS Global CBDC Challenge together with its partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies.

Salley said they intend to intensify their efforts working hand-in-hand with both regulators and digital assets market participants to enable such transformation.

StraitsX also announced the unveiling of its new platform and identity, which feature a redesigned and streamlined user interface to enable faster and more efficient navigation.

The StraitsX platform enables individual users to transfer, mint, and redeem XSGD with a connected bank account, in addition to spending their XSGD with various digital asset platforms.

Businesses can also leverage APIs to collect, disburse and reconcile funds from their end-users. StraitsX currently supports over 10 digital asset platforms in Singapore through its API solution.

Salley explained that with the increase of user adoption towards access to digital assets, they feel that they can better serve this market by separating StraitsX as a standalone brand dedicated to accelerating access to digital assets in Southeast Asia.

This brand update aims to improve user experience and better communicate our mission to bring access to digital assets in Southeast Asia.

The new StraitsX brand logo depicts a strait, which is defined as a narrow passage of water connecting two bodies of water. Similar to a strait, StraitsX aims to connect the existing fiat-based financial system to a blockchain-based financial system, through its services and the StraitsX stablecoins.