Digital currency platform Crypto.com has joined forces with Singaporean payment processing gateway Xfers to enable users to trade crypto in Singaporean currency (SGD).
The move will be effective next month, enabling users of the crypto platform to purchase BTC, ETH, LTC, XRP, MCO and CRO, among others, in SGD.
The aim is to boost the adoption of cryptocurrencies in Singapore. As part of the collaboration, Crypto.com also intends to assist Xfers’ stablecoin initiative StraitsX and SGD-backed stablecoin XSGD.
XSGD will be offered through mobile payment solution Crypto.com Pay, facilitating real-time settlement between customers and merchants.
Xfers co-founder and CEO Tianwei Liu 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.”
Crypto.com co-founder and CEO Kris Marszalek 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.”
In August, Crypto.com rolled out a new feature to allow users to make zero-fee crypto payments to friends and also earn rewards.