Xago launches XGB, enabling end-to-end British Pound transfers within minutes
By Joy Dumasia
Xago Technologies Ltd. in Cape Town, South Africa, announces support for the British Pound with its stable coin XGB, which is backed 1:1 with the Pound, enabling clients across the world to purchase GBP, transfer and reach its pay-out point within minutes, highly securely, compliantly and with certainty.
Xago recently announced the launch of US Dollars and USDC on its payment gateway and trade exchange, adding to the existing South African Rand and Ripple’s XRP and has now launched Pounds, with more currencies to follow shortly.
Utilising the XRP Ledger, Xago’s innovative money solutions are built with speed, efficiency, and low-cost transactional abilities for corporates, SMEs and individuals, focusing on empowering people in Africa. Their latest product is a white-labelled international money transfer solution developed specifically for banks and retailers to offer a faster and cheaper option, especially for their clients to be able to send money home to their families.
Mark Chirnside, CEO and Co-Founder of Xago, said: “Current international money transfer often take days for money to move from sender to recipient, with no confirmation on transaction finality and fees from all the parties involved can cost well above 10%, especially evident in sub-Saharan Africa. With Xago, it now takes minutes, and we are proud to say that our low fees are disrupting the global payments and money transfer industry.”
Banks, eCommerce platforms, retailers, mobile operators, crypto exchanges, commodity companies and international business owners partner with Xago to transfer money into and out of Africa rapidly, securely, compliantly and cost-effectively. Xago is audited by Mazars; the executive team works with the South African Financial Regulators (the IFWG) and has championed fair regulation of the crypto industry since inception.
IBSi Daily News Analysis
September 26, 2023
Omnichannel payments drive SME growth in MENA, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage