Singapore – XREX, a blockchain-based TradeTech company that offers cross-border businesses, announced the MyXchange launch today. This platform is a digital currency exchange-as-a-service or EaaS platform. According to TradeTech, MyXchange will help money transfer organizations or MTO run a more secure crypto-fiat exchange that features full AML, KYC, wallet security, and fiat on-off ramps.
According to the XREX executives, MyXchange simplifies, creating a safer and more convenient exchange in the same way that Shopify makes it easy to launch an online store. XREX’s latest platform passes along lower fees with seamless cross-border escrowed payments across the digital asset market.
Recent reports confirmed that many venture capital firms, such as BlackMarble, AppWorks, and WI Harper, support XREX. Recently, the XREX CEO Wayne Huang announced that they developed the exchange using a demanding process. It was a lengthy and expensive undertaking, but XREX is committed to making cross-border exchange easier than ever.
Also, MyXchange is powered by SumSubstance KYC and CipherTrace AML. It means that XREX has seen significant traction among merchants and MTOs in different countries. At launch, the XREX platform will support the most prominent cryptocurrencies, such as BTC, XRP, ETH, and BCH.
Since this project is backed by Skype’s co-founders Jaan Tallinn and Toivo Annus and Taiwan’s National Development Fund, the EaaS-based fully-auditable solution will surely convince more global banks to consider the platform.
With MyXchange, XREX can provide all the technology that MTOs need to facilitate and operate international trade finance, whether it’s providing fiat bridges for offshore dollar banking or serving cross-border commodity trading.
The emerging markets have increased in crypto adoption, and Decrypt gave MTOs new opportunities to help merchants and enterprises efficiently and securely transfer money across different countries. According to crypto critics, rolling out a crypto exchange from XREX can be beneficial since it can deliver a safer money transfer thanks to its cybersecurity providers and anti-money laundering technologies.