XREX has launched a crypto-fiat platform that works as ‘Exchange-as-a-Service’. The platform is known as ‘MyXchange’ and has been launched with the aim of stabilizing cross-border trade amidst a dollar crunch. This is likely to help fast-growing economies solve their dollar liquidity shortages, thereby making it easy for any enterprise to operate a secure crypto-fiat exchange.
Backed by the National Development Fund of the Taiwanese Government and the co-founders of Skype, XREX is a Blockchain TradeTech company that serves cross-border businesses operating in emerging economies. MyXchange, a first-of-its-kind EaaS platform that incorporates a number of features that make it easy for any MTO (Money Transfer Organization) to make cross-border escrowed payments across emerging market economies.
These features include full KYC (Know-Your-Customer), Anti-Money Laundering (AML), liquidity, wallet security and fiat (such as the US dollar or the Indian rupee) on-off ramps. XREX is also backed by some well-known capital funds, such as WI Harper, BlackMarble, AppWorks, and CDIB. Also, these platforms would be powered by CipherTrace AML and Sum&Substance KYC. Moreover, TRISA.io is the FATF Travel Rule solution for XREX.
XREX Tackling the Dollar Squeeze
Some examples of how MyXchange can help solve real-world problems include instances such as dollar shortages in Africa. The dollar squeeze has resulted in most banks avoiding high-volatility markets, making it difficult for merchants to obtain letters of credit or credit insurances from them. Moreover, the invoice-to-pay processes have become even riskier and slower than before. In such a scenario, MyXchange could offer a possible solution by providing KYC, AML, liquidity, cybersecurity, and fiat for MyXchange owners.
MTOs and other similar services can use MyXchange to launch their crypto-fiat exchanges, making it easier than ever to deploy a full-service exchange.
There has been significant traction among global MyXchange alpha testers, which includes merchants and MTOs from India, Africa, and the Middle East. As the B2B global payment volume rises, it is expected to reach $63 trillion by 2026. In such a scenario, along with the increasing adoption of cryptocurrencies, MyXchange can equip MTOs in emerging markets with better B2B payment solutions.