Tutorial: How to get XSGD from the Xfers platform

This article can now be found on: https://www.xfers.com/sg-blog/tutorial-how-to-get-xsgd-from-the-xfers-platform

We’ve made a lot of progress to the StraitsX ecosystem since the launch of our Singapore-dollar backed stablecoin, XSGD. We’ve also received some enquiries from the community asking how to get XSGD. So, we’ve prepared a comprehensive tutorial to make it easier for anyone to get their XSGD tokens directly from the Xfers platform.

Disclaimer: You have to be an Xfers verified user to get XSGD on the Xfers platform.

Step 1: Add your blockchain address to get it verified

Note: If your blockchain address was already verified, please proceed to Step 2.

XSGD withdrawals are limited to 50 XSGD to blockchain addresses that have not yet been verified. To get your blockchain address verified and lift the limit, follow the instructions below:

a) Sign up or log in to your Xfers account at app.xfers.com

b) Initiate an address verification request in the “My Account” section by clicking on “Blockchain Address” and then “Add New”.

c) Select the Type of Address (Personal Address or Custodial Address)

If your blockchain address is a deposit address with a digital asset platform or digital token exchange, you should choose the corresponding platform in the dropdown menu.

If your address is your own hardware wallets or any wallet software for which you control the private key, you should choose Personal Address.

d) Enter the nickname for this address, choose the network (Ethereum or Zilliqa), and input the address.

e) Check to ensure that the details you’ve entered are accurate before submitting!

That’s all for adding a blockchain address!

Before proceeding to the next step, please take note of the following:
If you’ve submitted a Personal address, please proceed to Step 1b.
If you’ve submitted a Custodial address, please proceed to Step 2.

Step 1b: [Personal address] Complete the verification process

If you’ve submitted a Personal Address for verification, we will need to check that the blockchain address you‘re controlling this address.

This process will require you to withdraw XSGD tokens to the blockchain address you’ve just added and then depositing some XSGD tokens back into your “Digital Goods Wallet”.

Before proceeding, please ensure that you have deposited funds into your “Digital Goods Wallet”. You can find instructions on how to do so here.

a) Click on “Withdraw” from your “Digital Goods Wallet”.

b) Select “Digital Goods Wallet” as the wallet to withdraw from.

c) Select the Personal Address that you have added earlier.

d) Enter any withdrawal amount within the limits stated.

e) Confirm and submit the withdrawal request! The transaction will remain pending until after Xfers reviews and approves the withdrawal.

f) Once the withdrawal has completed, you will need to send XSGD from your blockchain address to your “Digital Goods Wallet”. Head to your dashboard and select “Deposit” into your“Digital Goods Wallet”.

g) Select “Digital Goods Wallet” as the wallet to deposit to.

h) Select the blockchain network (ERC20 or ZRC2) which you’ll be sending from.

i) Send XSGD from the personal address you have submitted to the blockchain address provided.

j) Upon review and approval of the deposit, your personal address will be verified! The approval process can take up to 1 business day.

Step 2: Withdrawing XSGD to your blockchain address

Before proceeding, please ensure that you have deposited funds into your “Digital Goods Wallet”. You can find instructions on how to do so here.

Once your blockchain address has been verified, you will be able to withdraw XSGD into your verified blockchain address. To do so, follow these steps:

a) Click on “Withdraw” from your “Digital Goods Wallet”.

b) Select “Digital Goods Wallet” as the wallet to withdraw from.

c) Select the Personal Address that you have added earlier.

d) Enter your desired withdrawal amount within the limits stated.

e) Confirm your details and submit the withdrawal request! Once processed by Xfers and confirmed by the blockchain, the corresponding XSGD amount will be deposited into your blockchain address.

And that’s how you can get XSGD from the Xfers platform!

If you have any questions, please visit our FAQ page or submit a ticket to our customer support here.

For any business-related questions or for StraitsX business development enquiries, please send us an email at straitsx@xfers.com.