Business Daily Media

.

XSGD expands multichain ecosystem with support on Hedera

XSGD is the first Southeast Asian fiat-backed stablecoin to launch on Hedera’s carbon negative network

SINGAPORE - Media OutReach - 24 May 2023 - StraitsX, the Southeast Asia-based digital asset payment infrastructure, announced support for the StraitsX Singapore Dollar (XSGD) on the Hedera network.

Since its launch in October 2020, XSGD has gained rapid adoption, surpassing over 7 billion XSGD in on-chain transactions, making it one of the largest non-USD stablecoin by market capitalisation today. Starting today, users can leverage the StraitsX platform to send and receive XSGD on the Hedera network. XSGD (Hedera) is also expected to be listed on global exchanges in the coming months.

Hedera is a leaderless proof-of-stake (POS) network powered by hashgraph consensus, achieving the highest-grade of security possible (ABFT). Combining high throughput, low fees, and finality in seconds, transactions on Hedera are blazing fast with incredibly low bandwidth consumption. HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralised economy.

XSGD support on the Hedera network aligns with the primary focus of the HBAR Foundation, providing entrepreneurs with the ecosystem resources needed to build and deploy new applications on the Hedera network. XSGD on Hedera offers the benefits of a Southeast Asian fiat-backed stablecoin to end-users and applications built on the Hedera network, enabling instant cross-border settlement, with high transaction scalability and low, predictable transaction fees.

Kenny Chan, Head of StraitsX said, "We are excited to have XSGD on the Hedera network natively, contributing to a flourishing ecosystem of applications that offer real-time XSGD stablecoin payments. With Hedera's energy-efficient framework, micropayments in stablecoins will become increasingly viable, leading to greater financial inclusion in the region."

Sabrina Tachdjian, Head of Fintech & Payments at The HBAR Foundation said, "We are excited to be working with StraitsX to bring a hedera-native XSGD to the market and add a new regulated and fully reserved stablecoin to our ecosystem. We believe XSGD will add value to Hedera-based applications in APAC and beyond, including in the financial inclusion space as evidenced by our earlier POC with StraitsX.'

Hashtag: #Blockchain #Web3 #FutureOfFinance #Stablecoins #NonUSDStablecoins




The issuer is solely responsible for the content of this announcement.

About StraitsX

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of the Fazz's ecosystem of financial services which powers business banking in Southeast Asia. StraitsX offers personal and business account holders to mint, redeem, and stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.

About HBAR Foundation

Founded in 2021, the HBAR Foundation fuels development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, ESGs, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operations that are required to scale. For information about the HBAR Foundation, please visit us at .

News from Asia

Hong Kong Life Announces the Sponsorship of a Local Movie, "Everyphone Everywhere"

HONG KONG SAR - Media OutReach - 29 May 2023 - Hong Kong Life announces the sponsorship of a local movie, "Everyphone Everywhere" ("the movie"). The movie is directed by Amos WHY, the director of ...

AOC Gears Up to Celebrate AOC Days marking 56 Years of Innovation and Excellence in Monitor Technology

Join the fun! SINGAPORE - Media OutReach - 29 May 2023 - AOC, a trailblazer in the field of monitor and IT accessories, is commemorating its 56th anniversary since its establishment in 1967...

FinTech Olympiad 2023 Inspires Tertiary Students to Leverage Fintech to Create Social Impacts, Creating Solutions to Transform People’s Lives and Business Practice for the Better

Vision Carbon by CityU Won Gold Medal with its Blockchain-based Carbon Trading Platform HONG KONG SAR - Media OutReach - 29 May 2023 - Hosted by the City University of Hong Kong (CityU) and suppor...

Bybit Receives In-Principle Approval to Operate in Kazakhstan

ASTANA, KAZAKHSTAN - Media OutReach - 29 May 2023 - Bybit, the world's third most visited crypto exchange, has received in-principle approval by Kazakhstan's Astana Financial Services Authority (A...

Schneider Electric Releases New White Paper and TradeOff Tool Focused on How DCIM Addresses Hybrid IT Management Challenges

White Paper 281 shows how the success of a CIO is rooted in a solid foundation of maintaining resilient, secure, and sustainable IT operations DCIM Monitoring Value Calculator for Di...

ULI Releases 2023 Asia Pacific Home Attainability Index Covering Data from 45 Cities

At their 2023 Asia Pacific Summit happening from 29 May to 1 June, ULI unveiled its 2023 APAC Home Attainability Index.

OctaFX and Ideas Academy partner to digitalise learning centres in Malaysia

OctaFX and Ideas Academy partner once again to advance education in Malaysia. This time, they join forces to digitalise multiple learning centres for refugees and underprivileged students. KUALA LU...

SwissCham Singapore Announces Ms Julie Raneda As New Chair

At 34th AGM, Ms Raneda commits to growing wider awareness of Swiss businesses in the republic SINGAPORE - Media OutReach - 30 May 2023 - Swiss Chamber of Commerce and Industry Singapore (SwissCha...

PAOB Introduces "Business Revolving Loan" as the Expanded Collaboration with eftPay

Enabling Retail SMEs to Seize Market Recovery Opportunities with Flexible Funding HONG KONG SAR - Media OutReach - 30 May 2023 - Ping An OneConnect Bank (Hong Kong) Limited ("Ping An OneConnect ...

Positive Revision - Fosun's Ratings Affirmed by S&P Global Ratings

With continuous efforts to optimize capital and asset base, Fosun's short-term liquidity pressure has been greatly eased and its credit rating outlook has been raised by an international rating age...

Business Reports

Paycepaid recruits Former GoCardless Executive David Howgate

Emerging debt collection software provider, Paycepaid, has announced the appointment of David Howgate, a former executive at GoCardless, as its new Head of Sales. With his extensive experience in the global payments industry, ...

Zoom Appoints Bede Hackney as Head of Australia and New Zealand

Seasoned industry veteran to lead next phase of growth for Zoom’s key focused region Zoom Video Communications, Inc. (NASDAQ:ZM) today announced the appointment of Bede Hackney as Head of Australia and New Zealand (ANZ) f...

Shiran Nawi Appointed Chief People and Legal Officer at monday.com

Shiran Nawi will now oversee all aspects of HR and legal affairs for the company  Sydney, Australia, 1 June 2023 – monday.com Ltd. (NASDAQ: MNDY) (“monday.com”), a work operating system (Work OS) where organisations ...