By Celestine Okorie, Senior Correspondent, South Africa
Xago Technologies (Pty) Ltd. in Cape Town, South Africa, has announced support for the British Pound with its stable coin XGB which is backed 1:1 with the Pound, enabling clients across the world to purchase GBP, transfer and reach its pay-out point within minutes, 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 to follow shortly.
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.
CEO and Co-founder of Xago, Mark Chirnside says, “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 per cent, 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.”
Xago harnesses the power of mobile, retail networks and blockchain technology in playing a crucial role to transform the payment industry by bypassing traditional payment costs and delays, with a focus on empowering people in Africa.