StraitsX Presents XIDR Stablecoin Business Account in Indonesia
Digital asset platform developer startup StraitsX announced the presence of a business account for the XIDR stablecoin in Indonesia. This business account provides affordable, easy, accessible, and developer-friendly digital asset infrastructure and solutions for SMEs and corporations.
StraitsX itself is part of the fintech startup Xfers, which is currently also a member of the Fazz Financial Group. Head of StraitsX Aymeric Salley said the stablecoin XIDR has great potential in the global financial ecosystem, in addition to its main function in crypto transactions on the public blockchain.
Stablecoins can help facilitate the delivery of digital assets to anyone, without any intermediaries, thus providing a faster and cheaper delivery option.
“There are many areas of fintech that we can build on top of stablecoins. This potential is in line with our goal of building a strong digital asset ecosystem that can be operated by local and international partners reliably,” he explained in a virtual press conference yesterday (23/2).
Demand for Rupiah Stablecoins Increases
According to datareportal.com, 51.1% of Indonesia’s 270 million population fall into the underbanked and unbanked categories, while the internet penetration rate is only 73.3%.
With the rapid growth of fintech, blockchain and digital assets, the demand for Rupiah compatible stablecoins is growing. Therefore, XIDR is here to provide an easy and secure way for people who do not have a bank account to access financial services.
Digital economy activity continues to increase, thus creating demand for digital assets not only from investors, but also from business actors.
“From a broader perspective, this trend also shows how business and industry can promote financial inclusion, where digital literacy plays an important role,” added Business Development Manager for StraitsX Indonesia, Kinansyah Pramaditia.
Business accounts have broader capabilities than StraitsX personal accounts. Business users have higher transaction limits than personal accounts, advanced account management features, and a developer-friendly solution in the form of ready-to-use APIs for collecting, disbursing, and reconciling customer funds.
The stablecoin is useful for exchanging crypto assets to avoid price fluctuations, the option of exchanging fiat currency to fiat-backed stablecoins, using stablecoins to make payments globally, and this blockchain-based payment system eliminates middlemen in transactions.
It is claimed, sending XIDR can be done anytime within minutes without any intermediary. Unlike traditional finance, for fiat transfers, especially overseas, it takes more than seven days.
XIDR aims to be the most cost-effective Rupiah stablecoin while offering maximum utility to its owners. The process of printing and exchanging XIDR to Rupiah can be done free of charge through the StraitsX platform, with limited on-chain transaction fees.
Users can take advantage of the stablecoin XIDR’s ability to send Rupiah reliably and securely on the Ethereum and Ziliqa blockchain protocols.
Salley said, it is possible for his party to open more public blockchain networks so that XIDR’s utility is wider, not limited to Ethereum and Ziliqa only.
He said the expensive gas fee for each contract recorded on the blockchain network was one of the frictions that affected many parties in the adoption process.
“That’s why many people are reluctant to spend their money on expensive gas fees, especially on Ethereum. We chose Ziliqa because the gas fee is cheap and affordable for everyone. We are opening up the possibility of logging into other popular blockchain networks.”
It is claimed that the StraitsX platform has completed more than 130 thousand transactions valued at more than S$2.5 billion over the past year. XSGd has a market capitalization of over $200 million. XIDR is expected to be able to follow the successful launch of XSGD in the future.
XIDR is issued by PT Xfers StraitsX Indonesia, a subsidiary of Fazz Financial Group (FFG). FFG has obtained a license to issue e-money and transfer funds from Bank Indonesia, through PT Cashfazz Teknologi Nusantara.