Singapore: Xfers’ XSGD Stablecoin Now Secured by Onchain Custodian

Singapore-based digital assets custodian, Onchain Custodian (ONC), has partnered with Xfers, a leading Fintech platform for digital businesses within Southeast Asia, to boost clients’ protection.

According to the announcement, the new alliance will see Xfers adopt ONC’s safe platform solutions to secure its Singapore dollar-pegged stablecoin XSGD.

ONC believes that the XSGD is sophisticated enough for individuals, fund managers, and exchanges alike in Singapore to amass their digital asset capacity through the acquisition of XSGD from their Singapore Dollar platform, thereby doubling up liquidity within the local digital asset market.

The partnership will allow ONC to provide Xfers straitsX Stablecoin initiative with a secure custodial solution as a medium to help Xfers reach its ultimate goal, which is assuring clients that their assets are safe with ONC, a third-party custodian, from start to finish.

Commenting on the collaboration, Head of StraitsX at Xfers, Aymeric Salley, said,

We are excited to further our partnership with Onchain Custodian and make XSGD more broadly available. Singapore-based digital assets traders have been exposed to wide FX spreads for a long time, and we believe that XSGD is solving this problem. Increasing XSGD support by institutional platforms such as Onchain Custodian is a priority for us as it participates in building the infrastructure that Singapore needs for this space to flourish.

ONC holds that the partnership will help to protect Singapore citizens from risks associated with the digital assets market and add value to the increasing quest for digital assets in Singapore.

Speaking on this, Onchain Custodian CEO, Alexandre Kech, was quoted saying,

We look forward to supporting the integral growth of Xfers’ initiatives over the coming years. The Xfers XSGD Stablecoin is an essential element to allow all users, including our existing clientele around the region with asset holdings in Singapore, to seamlessly enter the digital asset space or reduce their long USD exposure via the XSGD Stablecoin.

See Also: BREAKING: U.S Banks Can Offer Crypto Custody Services Says OCC

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