With all the FUD around CEX, many crypto investors are looking to off-ramp their funds and move their funds away from exchanges. By converting their crypto assets to XSGD on Uniswap, Singaporeans can off-ramp XSGD directly to their favourite bank account through StraitsX.
What is XSGD?
Similar to how USDT tether and USDC are stablecoin pegged 1:1 to the dollar value of the United States dollar, XSGD is the same for the Singapore dollar.
Essentially, a stablecoin pegged to the Singaporean Dollar.
With XSGD, you will be able to do worldwide transfers, especially on the Zilliqa and Ethereum blockchains.
Here are some places where you can hold XSGD
and places you can trade XSGD on
In this article, we will focus on utilizing XSGD on Ethereum through the swapping of assets on Uniswap.
Creating your StraitsX account
Before we can start on this on and off-ramp journey, you would need to sign up for a StraitsX Singapore personal account.
Fill in your full name, email, address and password and ensure your name matches your identification card (NRIC).
Next is to link your bank account. StraitsX offers almost all the banks Singaporean uses, and popular banks such as DBS and UOB are all accepted.
Once the linking of your bank account is done, you will proceed to link your Metamask.
Select the link with your wallet.
Click on the available wallets of your preference
Verify your wallet
And complete the signature request on your Metamask popup
You can choose to do the verification with the Singpass app (3mins) or manually (10mins). Once your account is verified, take note that you will only be able to make payments/withdrawals 48 hours after your first successful bank transfer.
Minting XSGD directly from your bank account
Firstly, on your respective home page, mobile or desktop version, navigate to the “Mint” page.
Next, select your funding source, in this case, the bank account you want your funds to be transferred to.
The next step is to select Ethereum under the blockchain network selection.
Once the transaction is confirmed on-chain, your account will be credited.
Input the 6-digit code from your authenticator app and follow the bank transfer instructions to start minting your XSGD.
Once the minting is complete, users will receive XSGD straight to their blockchain address by transferring SGD from their bank account/s.
Things to note are that the minimum transfer amount is 10XSGD and the network fee is capped at 5 XSGD will be charged (The final amount is determined by the network fees at the time of the transaction).
You can mint up to 200,000 XSGD per transaction and StraitsX does not support GIRO or SWIFT transfers.
Transaction with Uniswap
Once the XSGD is in your account, you can head over to Uniswap to swap XSGD for ETH, USDC and many more.
Withdrawing your funds
On StraitsX home page, select “Transfer Out” and “XSGD Stablecoin” as the transfer method.
Select a blockchain network and a pre-whitelisted blockchain address.
Enter the amount you wish to transfer and click “Next” to confirm the transaction details.
Once your request has been submitted, the transfer will be processed. Depending on the network selected, it may take up to 1 business day to complete the transfer.
XSGD will be converted 1:1 for SGD and sent to your bank account.
Also Read: Top 3 Decentralized Platforms As An Alternative To Trade On FTX
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: Chain Debrief