With its stable coin $XGB, which is pegged 1:1 to the British pound, South African blockchain-based money transfer business Xago has expressed support for the pound.
To leverage the potential of mobile, retail networks, and blockchain technology to revolutionize the payments sector, particularly in Africa, Mark Chirnside, Jurgen Kuhnel, and Sonya Kuhnel created Xago Technologies in 2016.
By avoiding conventional payment rails and offering secure, traceable, and efficient solutions to all components of the financial ecosystem, the firm offers revolutionary money movement that alters the way money travels, what it costs, and how long it takes to reach a destination.
Customers will be able to buy GBP, transfer it, and reach the pay-out point within minutes thanks to the change. This will be carried out, in Xago’s words, “very safely, compliantly, and with assurance.”
In addition to the already-available South African Rand and Ripple’s XRP, Xago recently revealed the debut of US Dollars and $USDC on its payment portal and trade exchange. The company has now released Pounds, and more currencies are expected to come.
According to Xago, by utilizing the XRP Ledger, Xago’s unique money solutions are created with a concentration on encouraging people in Africa and are designed with speed, effectiveness, and relatively inexpensive transactional capabilities for corporates, SMEs, and individuals.
Their most recent offering is a white-labeled international money transfer service designed primarily for banks and shops to provide a quicker and more affordable option, particularly for their customers, in easily sending cash to their families back home.
CEO Mark Chirnside claims that existing international money transfers frequently take days for the money to go from sender to receiver, without verification of the transaction’s completion, and that fees from all sides can cost well above 10%, which is particularly noticeable in sub-Saharan Africa.
With Xago, according to Chirnside, it only takes a few minutes. They are also happy to claim that their low fees are upending the international payments and money transfer industries.
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