Blockchain trade technology firm XREX has rolled out a cryptocurrency Exchange-as-a-Service (EaaS) technology called MyXchange. XREX serves international companies that have business in developing economies, according to Medium post from CEO and Co-founder Wayne Huang.
It takes significant resources when developing an exchange in-house to locate and pay liquidity providers, know-your-customer (KYC) providers, custodians, cybersecurity providers and anti-money laundering providers (AML) — while also convincing financial institutions to function as the role of fiat on-off ramps, according to the post.
The post compares how MyXchange simplifies making a safe exchange to the way that Shopify simplifies the steps to rolling out an eCommerce store.
“Much like building an e-commerce website was a lengthy, expensive undertaking at the turn of the century, developing an exchange is an onerous process today,” Huang said in the post.
MyXchange makes it simple for every money transfer organization (MTO) to operate a safe crypto-fiat exchange that includes complete KYC, liquidity, fiat (US Dollar, Indian Rupee) on-off ramps, AML and wallet security, according to the Medium post.
XREX offers all the infrastructure that MTOs require to help allow for global trade finance for purposes such as offering fiat bridges for offshore dollar banking or serving international commodity trading, per the report.
Sum&Substance KYC and CipherTrace AML fuels all XREX platforms, according to the post, which notes that XREX is working with TRISA.io as the FATF Travel Rule solution.
XREX says in the post that it has seen meaningful adoption among international MyXchange alpha testers such as MTOs and retailers in the Middle East, Africa and India.
In separate news, Singapore-based MonetaGo, which focuses on blockchain technologies, and Singapore-based GUUD Company, which is geared toward smoothing global trade, have collaborated on international financial transaction security.
GUUD has sizable operations throughout Asia, and GUUD leaders have publicly announced intentions to grow in the region.
GUUD’s offerings will be strengthened by MonetaGo’s Secure Financing platform, which stops double financing and other types of trade fraud from happening, according to the announcement.
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