Example of a Pegged Coin and How Tokenize Xchange Supports It
Building upon last week’s exploration of Crypto Peggs, let’s now explore an example of a pegged coin and how the Tokenize Xchange platform seamlessly integrates and supports it.
Pegged Coin Spotlight: XSGD
Introduction to XSGD
XSGD, issued by StraitsX, a licensed Major Payment Institution under the e-money issuance framework, is a stablecoin pegged to the Singapore Dollar, hence, 1 XSGD is equal to 1 Singapore Dollar. The strong backing for each XSGD comes from an equivalent reserve of Singapore Dollars, held and protected within the secure confines of a bank in Singapore.
The technological support of XSGD is anchored in the Ethereum and Zilliqa blockchains, which are renowned for their rapid processing abilities, expansive scalability, and economic efficiency. These attributes are leveraged to facilitate XSGD transactions, ensuring a seamless trading experience that harnesses the advanced features of these blockchain platforms.
XSGD, similar to other cryptocurrencies, enables quicker and safer transactions through the blockchain, all while charging much less in fees than conventional money transfer methods. As a stablecoin, XSGD offers the unique benefit of stability, allowing you to use it just like regular money but without worrying about sudden changes in its value.
You can also purchase, keep, and trade XSGD through the Tokenize Xchange platform. Here’s the process:
How Tokenize Xchange Supports It
There are two ways to get XSGD on Tokenize Xchange:
- Deposit XSGD
- Use XSGD swap with SGD
Deposit XSGD on Tokenize Xchange
Step 1: Go to our website. Click on ‘Wallet > Fiat and Spot’ and select Deposit on your dashboard.
Click Deposit
Step 2: Click on ‘Deposit Crypto’
Step 3: Extract the given Address and add it to the withdrawal location. Do be mindful that a different network yields a different address.
Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from. If you select the wrong network, you will lose your assets.
Swap with SGD for XSGD
Step 1: Go to our website. Click on ‘Wallet’ select ‘Fiat and Spot’, then choose ‘Withdraw’ on your dashboard.
Step 2: Ensure sufficient SGD in your wallet.
If you do not have SGD in your Wallet, please deposit it first. You may refer to the above information or go here for detailed instructions on depositing SGD on Tokenize Xchange.
Step 3: Click on ‘Convert to Stablecoins’
Select XSGD and key in the amount of SGD you would like to convert to XSGD.
Click on ‘Swap’.
Step 4: After making the swap, you will see a green notification at the top of the page indicating that your swap has been done successfully. You may check your XSGD balance under ‘Wallet > Fiat and Spot’.
Note :
- There are no fees charged from our end to receive XSGD from other wallets or exchanges. You can refer here for the transfer fees to withdraw XSGD from your Tokenize account
- Swapping fee charges from XSGD to SGD is 2 SGD per swap and vice versa.
Conclusions
In conclusion, XSGD serves as an excellent example of a pegged coin, representing the stability and reliability of the Singapore Dollar with the innovative benefits of blockchain technology. It offers a digital alternative to traditional currency, enabling faster, more secure, and cost-effective transactions. Tokenize Xchange supports this stablecoin by providing a user-friendly platform for buying, storing, and trading XSGD, thus promoting its adoption and ease of use in the digital economy. This synergy between a pegged coin like XSGD and a supportive exchange platform like Tokenize Xchange shows the potential for stablecoins to revolutionize financial transactions.
Expand your crypto knowledge with Tokenize Xchange Academy
Disclaimer
All content produced by Tokenize Exchange is intended solely for educational purposes. This should not be taken as financial or investment advice. Individuals are advised to perform due diligence before purchasing any crypto as they are subject to high volatility.
