We are pleased to announce our partnership with BasedApp, a Web3 application that offers a comprehensive suite of features designed to empower users with the ability to seamlessly spend, send, and invest their digital assets.  With a shared vision of harnessing the power of blockchain technology to revolutionise financial transactions, this partnership between BasedApp and StraitsX marks a significant step towards the mainstream adoption of digital assets.

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BasedApp and XSGD: A gateway to stable transactions

The BasedApp card's beta launch in Singapore facilitates seamless transactions using XSGD, the StraitsX Singapore Dollar stablecoin. The card eliminates the need for third-party services, enabling users to spend their digital assets effortlessly. Users can simply top up their card directly from their BasedApp wallet, and shop wherever Visa is accepted - a network spanning over 100 million merchants globally. BasedApp is also one of the first to release a digital-asset-enabled Visa debit card that connects directly to a secure, non-custodial wallet.

When you spend, XSGD is securely withdrawn from your wallet on the blockchain. With BasedApp, users do not have to withdraw XSGD into their bank account to spend. By connecting your XSGD stored on your non-custodial wallet to the Visa network, BasedApp bridges the gap between Web3 and commerce. 

XSGD is one of the world’s largest non-USD stablecoins. Each XSGD is designed to maintain a 1:1 peg with the Singapore Dollar, with assets fully backed and attested for. This means that users can confidently transact with XSGD, knowing that their digital assets are intrinsically linked to tangible, real-world value. Today, users can begin minting XSGD via the StraitsX platform.

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Elevating Wallet Security and Convenience

Key to a frictionless experience is BasedApp's wallet, built on the foundation of Safe, a trusted smart contract platform. This wallet isn't just secure; it's also non-custodial, which means users retain control over their assets and private keys.

BasedApp takes another step forward to make it more convenient for users via Account Abstraction. Account Abstraction allows developers to program more security and convenience factors. BasedApp uses this new technology to enable users to log in with their emails and phone numbers, one-click transactions and gasless transactions.

Safe and Compliant

As a card issuer on the Visa payment network, BasedApp is committed to upholding the highest regulatory compliance standards. To receive a BasedApp Crypto-Linked Visa Debit Card, cardholders in Singapore have to undergo Know Your Customer (KYC) enabled through SingPass. 

BasedApp has also put into place AML screening procedures with the help of Chainalysis to ensure that malicious or non-compliant fund sources are stopped at the source. This ensures that all BasedApp users can continue to utilise the app with peace of mind that it is not facilitating any illegal transactions.

Our collaboration with BasedApp signifies a significant step in bringing blockchain-powered financial transformation to the forefront. By seamlessly integrating digital assets into daily transactions, we look forward to paving the way for a new era of financial interactions.

Join the BasedApp waitlist here.

Start minting XSGD here.

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