StraitsX announces native XSGD & XIDR on Polygon blockchain
SINGAPORE, Sep 16, 2022 – (JCN Newswire via SEAPRWire.com) – StraitsX (www.straitsx.com), the leading infrastructure for digital assets in SE Asia, is delighted to announce XSGD & XIDR (Polygon) are now available natively on the StraitsX platform. StraitsX users are able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts, while XSGD & XIDR (Polygon) transferred to StraitsX accounts can be seamlessly converted back to SGD.
Polygon becomes StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa. XSGD & XIDR (Polygon) feature fast and efficient transactions, significantly more cost-effective than on the Ethereum network. A Layer 2 solution, Polygon runs decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.
The Singapore dollar-denominated stablecoin (XSGD), launched in October 2020, has gained rapid adoption, boasting SGD 4.8 billion in on-chain transactions and becoming one of the largest non-USD stablecoins by market capital today. The Indonesian Rupiah-denominated stablecoin (XIDR), launched in November 2021, has also gained significant traction, joining XSGD among the largest Southeast Asian stablecoins.
Aymeric Salley, Head of StraitsX, said: “We’re thrilled to introduce our StraitsX stablecoins into the vibrant Polygon ecosystem, enabling our users to take advantage of the faster settlement times and significantly reduced gas costs.”
Hamzah Khan, Head of DeFi and Labs at Polygon, said: “StraitsX’s stablecoins are some of the most-utilized in the cryptocurrency space, particularly outside the U.S. We’re delighted to welcome StraitsX to the Polygon ecosystem and recognize the immense utility they’ll bring — particularly within Polygon’s expanding DeFi ecosystem. We look forward to providing the infrastructure that allows the project to flourish in the coming months and years.”
StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS). We enable fast and safe access to digital assets markets and decentralised finance applications through StraitsX APIs and stablecoins for individuals and businesses. StraitsX stablecoins XSGD & XIDR are pegged to the SGD & IDR and run on Ethereum, Polygon & Zilliqa blockchains.
With a StraitsX personal account, users can mint and redeem StraitsX stablecoins, manage payments, and connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms. StraitsX is a proud part of the Fazz ecosystem, which powers business banking across Southeast Asia. Visit www.straitsx.com.
Polygon (Matic) provides a formulaic structure for Ethereum Layer 2 solutions, side chains, private chains, and side chain interactions. Any Ethereum contract can be easily adapted to the Polygon POS, a commit-chain with its staking & consensus activity on Ethereum. Boasting lower gas fees and faster speeds than Ethereum, Polygon aims to resolve the problem of scalability. More than 7,000 DeFi apps now use Polygon. Visit https://polygon.technology.
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