Singapore, Sept 15, 2022 – (ACN Newswire) – StraitsX, the Southeast Asia-based digital asset payment infrastructure today announced native support for the StraitsX Singapore Dollar (XSGD) and StraitsX Indonesian Rupiah (XIDR) on the Polygon blockchain. Polygon will become StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa.
Since its launch in October 2020, XSGD has gained rapid adoption, surpassing over 4.8 billion XSGD in on-chain transactions, making XSGD one of the largest non-USD stablecoin by market capital today. XIDR, introduced in November 2021, has also gained significant traction, joining XSGD as one of the largest Southeast Asian stablecoins.
Starting today, users can leverage the StraitsX platform to send and receive XSGD & XIDR on the Polygon network.
Head of StraitsX, Aymeric Salley said: “We’re thrilled to introduce the StraitsX stablecoins in 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.”
XSGD & XIDR (Polygon) feature fast and efficient transactions. Transactions on the Polygon network are significantly more cost-effective on the Ethereum network. Known as a ‘layer 2’ scaling solution, Polygon is designed to run decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale their dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.
StraitsX is the pioneering payments infrastructure for digital assets space in Southeast Asia and a Major Payment Institution licensed by the Monetary Authority of Singapore.
StraitsX is part of the Fazz ecosystem, which aims to make the future of finance accessible for all businesses in Southeast Asia.
StraitsX offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments, and connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
Polygon (Previously known as the Matic network) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
Also known as a layer-2 scaling platform, the Polygon chain exists on top of the Ethereum blockchain. The Polygon chain boasts lower gas fees and faster speeds compared to the Ethereum blockchain.
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