StraitsX announces native XSGD & XIDR on Polygon blockchain – Press Release


Polygon becomes StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa

SINGAPORE, Sept 16, 2022 – (JCN Newswire) – StraitsX (www.straitsx.com), the leading infrastructure for digital assets in SE Asia, is delighted to announce XSGD & XIDR (Polygon) are now available natively on the StraitsX platform. StraitsX users are able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts, while XSGD & XIDR (Polygon) transferred to StraitsX accounts can be seamlessly converted back to SGD.

StraitsX users are now able to transfer and mint XSGD & XIDR (Polygon) directly from their StraitsX accounts, while XSGD & XIDR (Polygon) transferred into StraitsX accounts can be seamlessly converted back to SGD.

Polygon becomes StraitsX’s third officially supported blockchain, after Ethereum and Zilliqa. XSGD & XIDR (Polygon) feature fast and efficient transactions, significantly more cost-effective than on the Ethereum network. A Layer 2 solution, Polygon runs decentralized applications (dApps) built for Ethereum, enabling developers to quickly scale dApps to run on faster, more efficient infrastructure and accelerate access to Web3, decentralized finance (DeFi) and NFT markets.

The Singapore dollar-denominated stablecoin (XSGD), launched in October 2020, has gained rapid adoption, boasting SGD 4.8 billion in on-chain transactions and becoming one of the largest non-USD stablecoins by market capital today. The Indonesian Rupiah-denominated stablecoin (XIDR), launched in November 2021, has also gained significant traction, joining XSGD among the largest Southeast Asian stablecoins.

Aymeric Salley, Head of StraitsX, said: “We’re thrilled to introduce our StraitsX stablecoins into 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…