Xago, a blockchain-based money transfer company from South Africa, has announced support for the British Pound with its stable coin $XGB which is backed 1:1 with the Pound.
The move will enable clients across the world to purchase GBP, transfer, and reach its pay-out point within minutes. According to Xago, this will be done ‘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 expected to follow.
According to Xago:
“Utilising the XRP Ledger, Xago’s innovative money solutions are built with speed, efficiency, and low cost transactional abilities for corporates, SMEs, and individuals, with a focus 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.
According to CEO, Mark Chirnside, 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,” Chirnside says.