XanPool, Singapore-based fiat-to-crypto exchange platform, has introduced a fiat gateway platform that will support peer-to-peer transactions for local payment methods across the Southeast Asia region.
The on/off ramping model platform was developed with two types of customers in mind — market makers, who opt to automate cryptocurrencies market making using local payment methods, and local buyers and sellers of cryptocurrencies.
The platform was designed for the purpose of allowing users to onboard and offboard cryptocurrencies and digital assets into local currencies. The platform can also be used to onboard and offboard users from various cryptocurrency platforms, such as, but not limited to, exchanges and digital wallets.
XanPool was founded in March 2019 with a mission to build a local currency to cryptocurrency processing infrastructure, allowing market makers to automate their market-making and KYC.
XanPool works by engaging in a revenue share with the XanPool market makers, charging a fee for all transactions processed.
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Customers using the platform can make instant transfers via existing services — such as PayNow in Singapore, Instapay in the Philippines, or UPI in India — to one of XanPool’s 80 liquidity peers across the Asia Pacific region.
With this launch, the company aims to enable its end-users to sell and buy cryptocurrencies with local currency in a non-custodial manner.
With the first part achieved, XanPool currently aspires to gradually enable the retail of FX settlements through the same infrastructure they have developed.
“The payment methods that we have helped our market makers automate, will also become
interoperable with one another. Imagine conducting an IDR to SGD transactions by sending IDR to a Go-Pay account, then receiving SGD in your PayNow bank account, within the span of three minutes,” said founder and CEO Jeffery Liu Xun, explaining how the platform works.
The company has partnered with large cryptocurrency exchange companies such as OKex, MXC, and BKEx and is currently integrating their fiat gateway into these platforms for easier onboard and offboard processes in local currencies. This will secure the company’s claim and impact within that region.
In the future, XanPool intends to allow merchants using the platform to accept both cryptocurrencies and local currencies, eventually selecting the payout currency of their choice to further optimise the utility and functionality of its infrastructure.
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With the fiat gateway platform, the company also aims to eliminate the costs and possible complications that can occur when companies hold customers’ funds in central pools under their own custody, exposing users to a large number of security risks.
To tackle this, it intends to offer a quicker, lower-priced, and non-custodial model for digital payments. By removing third-party intermediaries and infrastructures, XanPool aims to be able to ensure an instant and risk-free transaction and payment process.
XanPool is currently under the Monetary Authority of Singapore (MAS)’s new Payment Services Act that came into force last month. “We are currently in a six months grace period, wherein we will work to become fully compliant within the framework of MAS by the end of the six months,” XanPool’s official statement reads.
As of November 2019, the company claims to have registered 50,000 new customers, of which 12,000 have performed transactions on the platform.
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Photo by Dmitry Demidko on Unsplash
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