HONG KONG, Nov. 13, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, announced today at the Singapore Fintech Festival that it is partnering with Xfers, the Singapore-based payment processing gateway, to enable Crypto.com users to buy and sell crypto in SGD by December 2019.
With this Xfers partnership, Crypto.com users will be able to instantly buy crypto (including BTC, ETH, LTC, XRP, MCO, CRO) in SGD. By facilitating the purchase and selling of cryptocurrencies with fiat currencies, the partnership further accelerates the adoption of cryptocurrencies in Singapore.
Crypto.com also plans to support StraitsX, Xfers' pilot stablecoin initiative, and XSGD, its Singapore Dollar-backed stablecoin. Crypto.com will offer XSGD as part of Crypto.com Pay, its mobile payment solution enabling instant and zero fees settlement between customers and merchants.
Tianwei Liu, Co-founder and CEO of Xfers said: "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."
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."
About Xfers Founded in 2015, Xfers is Southeast Asia's leading Fintech platform for digital businesses - aimed to enable open banking for Southeast Asia. It boasts a range of last-mile financial rails including the Xfers Wallet Kit, payments, financing and card issuance. Today, Xfers and her partnering merchants process over US$150 million every month, and service a total of over 10 million unique active users every month across Singapore and Indonesia. In Singapore, Xfers is the first digital wallet to be approved by the Monetary Authority of Singapore as a holder of a Widely Accepted Stored Value Facility (WASVF). With this, the Xfers Wallet can hold unlimited users' and merchants' stored value, and it joins the ranks of only five other WASVFs nationwide - EZ-Link Card, NETS CashCard, NETS Flashpay, CapitaVoucher, and AliPay Merchant Services. For more information, visit: https://www.xfers.com/
Crypto.com was founded in 2016 on a simple belief: it's a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its vision of "cryptocurrency in every wallet" into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 205+ strong team. For more information, please visit www.crypto.com.