Xago, a CapeTown-based startup, has launched a Ripple exchange and gateway built specifically for the South African market.
The Xago Ripple exchange allows anyone with a South African bank account to trade, send, and receive XRP only using the South African Rand. Xago will thus act as the market-making platform for crypto enthusiasts and businesses that wish to trade and utilize XRP and the Ripple Ledger.
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Xago is looking to launch a payment switch and APIs that will enable businesses to accept XRP in their businesses, and using the RippleNet to enable cross-border payments, this is expected to replace the need for card networks in retail.
Speaking to BitcoinKE, Debra Roodt, the Chief Commercial Officer (CCO), Xago, said that Xago speeds match those of RippleNet and the custom built exchange employs the two-factor authentication (2FA) for all actions on the exchange except for buy and sell. The exchange also uses mobile numbers as identifiers, as opposed to email addresses, making access to the system even more secure.
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