Hong Kong-based cryptocurrency platform Crypto.com announced on Wednesday it has formed a new partnership with Xfers, a Singapore-based payment processing gateway, to enable its users to buy and sell crypto in SGD by December 2019. According to 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.”
While sharing more details about the partnership, Tianwei Liu, Co-founder and CEO of Xfers, stated:
“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, went on to add:
“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.”