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Category: XREX

  • XREX Expands Fiat Gateways by Partnering with Customers Bank – Primex News Network

    XREX Expands Fiat Gateways by Partnering with Customers Bank – Primex News Network

    August 25:  Crypto-fiat exchange XREX today announced its partnership with Customers Bank, the banking subsidiary of Customers Bancorp (NYSE: CUBI), to expand its fiat gateways and provide users with better U.S. dollar (USD) deposit and withdrawal experiences.

    With a mission to redefine banking together, XREX helps cross-border merchants and businesses in emerging markets leverage stablecoins and cryptocurrencies for business payments and access USD globally. This is where XREX and Customers Bank find great synergy; Customers Bank aims to offer a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families.

    “We are excited to collaborate with Customers Bank, a publicly listed bank holding company and also a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation (FDIC),” said Wayne Huang, co-founder and CEO at XREX. “XREX bridges blockchain-driven financial innovations with the traditional banking system. Adding Customers Bank to our ecosystem strengthens our confidence to solve dollar shortage issues in emerging markets such as India, Africa, and South America.”

    Customers Bank is among the crypto-friendly banks in the U.S. that are forward-looking and open-minded to embracing financial innovations enabled by cryptocurrency and blockchain technologies. With the newly established partnership with Customers Bank, XREX is able to process USD deposits and withdrawals in any ticket size.

    “We appreciate that XREX recognized the power and versatility of our Customers Bank Instant Token (CBITTM) platform,” stated Christopher Smalley, Managing Director, Head of Digital Bank of Customers Bank. “We welcome the opportunity to work with and support a major player in the global markets as we continue to expand our cryptocurrency and digital asset services.”

    Though XREX still sets certain deposit and withdrawal limits for both personal and corporate accounts according to their identity verification level, users can directly approach the XREX team to handle larger ticket sizes.

    “XREX is known for its strict anti-money laundry mechanism, identity verification system, and risk management control,” said Robb Layfield, Managing Director, Digital Assets at Customers Bank. “Regulated, compliant, and secure crypto exchanges are always preferred to banks. We look forward to serving more people in developing countries together with XREX, ensuring they enjoy deep USD liquidity.”

    On the XREX platform, users can buy, sell, trade, and convert fiat-to-crypto, crypto-to-crypto, and crypto-to-fiat. They can make transactions with XREX’s star feature BitCheck. This online escrow service acts as an independent third party, withholding funds until both parties fulfil their responsibilities in the transaction.

    BitCheck is commonly used for business payments, OTC desk trading, and P2P deals. Furthermore, users can now add a contract to BitCheck to document users’ agreed terms and conditions.

    To facilitate a secure and trustworthy trading environment with safe fiat gateways, XREX values its comprehensive partnerships with global banks. Today, the newly announced partnership with Customers Bank opens up a new USD gateway that will go a long way toward the path of financial inclusion in emerging economies.

    About XREX

    XREX is a neo-fintech levelling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.

    Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as BitCheck, XREX Clubs, and Risk Level Detector to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.

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  • A New Escrow Service with Contract to Secure Your Payments and P2P Crypto Transactions – Primex News Network

    A New Escrow Service with Contract to Secure Your Payments and P2P Crypto Transactions – Primex News Network

    July 20: The world has seen myriad use cases when it comes to cryptocurrencies. From staking to NFTs, to in-game tokens and DeFi participation, the possibilities are endless and limited only by our imagination.

    Most importantly, the birth of digital currencies reimagined something which our livelihoods and way of life have long depended on – payments.

    According to a report by the US Federal Reserve, stablecoins (such as USDT and USDC) “have the potential to spur growth and innovation in payment systems, allowing for faster, cheaper payments.”

    This report also cited a previous report by the World Bank in 2020, stating, “This is especially important for cross-border transfers, which can take several days to clear, and carry high fees. These fees and delays are a burden on low- and middle-income countries, which receive financial support from remittances.” The estimated average transaction fee for a remittance is at 6.5%, according to the same World Bank report.

    In the course of supporting the Indian market and other emerging economies, XREX has seen an influx of stablecoin usage in payments and as a gateway to trading cryptocurrencies. Since its product launch in 2020, XREX has facilitated hundreds of thousands of BitCheck transactions for cross-border merchants and crypto traders alike. BitCheck is a digital escrow service powered by XREX, ensuring the safety of funds until both parties in a transaction fulfill their end of the deal.

    This month, XREX launched an add-on feature on BitCheck. XREX users can now add a contract when sending a BitCheck. The contract is an extra layer of protection for cross-border payments and crypto P2P transactions, allowing both parties to include the agreed terms, warranties, representation, and other important information and signing on the document.

    Adding a contract to the escrowed Bitcheck further reduces counterparty risk. One example is using a contract for a fiat-crypto transaction. The receiving party can include terms such as ensuring that the crypto is not obtained from illicit means. The seller must sign the undertaking; the burden of responsibilities lies on the party who will send the crypto. This is just one of many ways parties in a transaction can benefit from an added contract.

    USDT and USDC stablecoins have become an important medium for merchants to transact in a safe, fast, and low-cost environment, as well as for crypto traders who use stablecoins as a reliable store of value and as a gateway to trade cryptocurrencies.

    While P2P transactions seem to have gained popularity with users looking for ways to purchase cryptocurrencies, it has not been without risks. Users have reported unfilled P2P deals that resulted in a loss of funds, or a foreign counterparty that sent crypto acquired via illegitimate means. This is where BitCheck and the BitCheck contract come into play.

    At XREX, all users go through strict verification processes to ensure the legitimacy of their identities. Furthermore, the escrowed BitCheck will require both buyer and seller fulfill their terms of the deal before funds can be released to the other party. With BitCheck, strangers in a transaction can simply trust escrow technology without actually having to be acquainted with the other party.

    XREX’s proprietary Risk Level Detector informs users of the threat level of the crypto wallet they are dealing with any withdrawal address that has been flagged for being part of illicit transactions will be blocked automatically by XREX from completing the withdrawal.

    These are ways to ensure that only legitimate users who are responsible and aligned with XREX’s vision on enabling financial inclusion with cryptocurrencies will be able to transact on the platform. And now with the BitCheck contract, transaction details agreed upon are documented with both parties’ signatures in verified names — which make business transactions and P2P deals much safer and more transparent.

    The application of stablecoins and cryptocurrencies is endless. XREX is committed to creating a safe and clean environment, so that more can benefit from this innovative technology, further opening up more possibilities to benefit a wider population. BitCheck and the BitCheck contract are another example.

    If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.