Dezy Pte Ltd UEN: 202116623N, 
68 Circular Road #02-01, Singapore 049422

How do I get XSGD?

Dezy Team

Blogger at Dezy
Published on 20.09.2022
Get up to 5.65% a year
on your savings
Frictionless and user friendly
decentralised finance powered savings.
Get Started

There are many ways that you can get access to XSGD.

  • Convert your Singapore Dollar (SGD) to XSGD with Xfers.
  • Trade your fiat, cryptocurrencies, or stablecoins to XSGD on a centralised cryptocurrency exchange
  • Trade your cryptocurrencies or stablecoins to XSGD on a decentralised cryptocurrency exchange

What is XSGD?

XSGD is a stablecoin pegged to the Singapore Dollar and is issued by StraitsX by Xfers. XSGD is fully backed with fiat reserves.

What is Xfers?

Xfers holds a Major Payment Institution license granted by the MAS. Xfers is the issuer of the XSGD, and their platform is used for the minting of the XSGD.

You can connect your bank account to Straits X by Xfers to convert your Singapore Dollars into XSGD.

What is a centralised exchange?

Centralised exchanges are an intermediary between a buyer and seller and make money through commissions and transaction fees.

One such example is Crypto.com.

Once you have a verified account with an exchanges you will be able to:

  • Trade your cryptocurrencies into XSGD
  • Trade your stablecoins (USDC, USDT, etc) into XSGD
  • Purchase XSGD with your credit or debit cards
  • Purchase XSGD once you complete a bank transfer into the exchange of your choice.

What is a decentralised exchange?

A decentralised exchange is a peer-to-peer marketplace where users can trade cryptocurrencies in a non-custodial manner without the need for an intermediary to facilitate the transfer and custody of funds.

One such example is Uniswap.

How do I use a decentralised exchange to buy XSGD?

Once you are on any of the following decentralised exchanges, click on “Connect Wallet” to prepare for the trade.

You will have to execute two transactions, one to enable to swap function between the token of your choice and XSGD, and the second to execute the transaction itself.

Here is an example from Uniswap.

How do I set up a wallet to hold XSGD?

XSGD is an ERC-20 token and can be held non-custodial wallets. This means that you can send and recieve XSGD on any non custodial Ethereum wallet address. One example is Ledger.

How to set up a non-custodial wallet?

  1. To set up a noncustodial wallet, first, install the wallet of your choosing. Some wallets are browser plugins while others are software that you download onto your device.
  2. Once you have installed either the plugin or software, you will be prompted to either set up a previous wallet or create a new wallet.
  3. Click on create new wallet. This will take you down steps where you will be guided to note down 12 or 24-word seed phrases. This is an important step in the process. Ensure that you note and store this seed phrase in a secure manner. Should you lose your device or it stops working, this is the only way through which you can regenerate this wallet on another device.
  4. Now you have a non-custodial wallet set up. You can fund your wallet by transferring tokens to the wallet address. Remember that you will need tokens native to each of the blockchains you are using this non-custodial wallet to interact with. This means that if you are sending transfers on the Ethereum blockchain you will need ETH in your wallet to pay GAS to execute transactions. Fund your wallet with enough of the native blockchain token to ensure that you can comfortably transact.

Disclaimer

The information contained herein is provided purely for educational purposes to help users navigate new technologies . It is not intended to provide investment, financial, business or professional advice. You should ensure you fully understand the risks and characteristics of Digital Payment Tokens (“DPTs”) by reading and acknowledging the Risk Disclosures, and determine if DPTs are suitable for you. You are recommended to seek independent professional advice where appropriate.

SHARE

Financial freedom

in your inbox.

    The financial times, in 3-minute bites

    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898
    Disclaimers:
    1. Decentralised finance is an emerging field with fluid regulations and not without risk.
    2. Dezy is not licensed by the Monetary Authority of Singapore.
    3. Learn more about how we mitigate risk for consumer protection with insurance, diversification, and technical security measures.
    4. Dezy insurance coverage applies only to certain assets / protocols where insurance is applicable. Learn more about insurance.
    Dezy Pte Ltd UEN: 202116623N, 80 Robinson Road, #08-01, Singapore 068898