Hong Kong-headquartered Crypto.com has partnered with Xfers, a Singapore-based payment processing gateway, to enable digital currency buying and selling services with the Singapore dollar.
Announced on Wednesday at the Singapore Fintech Festival, the new services are scheduled for launch next month.
https://t.co/vCNztABJoG partners with Xfers to enable Singapore users 🇸🇬 to buy & sell crypto in $SGD💵 instantly with @xferspay wallet – Coming December 2019. Plus, will support StraitsX and XSGD as part of https://t.co/vCNztABJoG Pay. More: https://t.co/Y0hqxLbkGx pic.twitter.com/2sshF6jUP2
— Crypto.com (@cryptocom) November 13, 2019
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Bringing more stablecoins
Apart from the fiat-based instant purchasing service, the crypto exchange will also add support to StraitsX, the pilot stablecoin initiative of Xfers, along with Singapore-dollar backed XSGD.
The exchange will offer XSGD as part of Crypto.com Pay, its mobile payment solution enabling instant and zero fees settlement between customers and merchants.
Commenting on the development, Kris Marszalek, co-founder and CEO of Crypto.com, said: “We are pleased to partner with Xfers first to enable crypto purchases in SGD and then on the strategic stablecoin initiatives surrounding StraitsX and XSGD. Both solutions will increase the utility of the Crypto.com platform for our Singapore community.”
Founded in 2015, Xfers aims to enable open banking services in the Southeast Asian countries. Per the company, along with its partners, it processes over $150 million every month, with over 10 million unique active users in the same period across Singapore and Indonesia.
“Partnering with a leading platform such as Crypto.com is essential to driving our vision of building an open payments infrastructure for the region. This combined pilot to adopt XSGD for MCO Card top-up and for Crypto.com spend adds to our strong foundation for the initiative, as StraitsX aims to be the common ledger for digital assets and payments- enabling transparency for payments,” Tianwei Liu, co-founder and CEO of Xfers, added.
Meanwhile, the crypto exchange plans to become a major player in the region. In an attempt to build public trust, the platform obtained a $100 million insurance policy earlier this year.