XREX, a blockchain company focused on cross-border businesses that operate in emerging economies, today announced the launch of MyXchange, its new currency Exchange-as-a-Service (EaaS) platform.
At launch, the following trading pairs will be available in cryptocurrency: BTC, BCH, ETH, XRP, USDT, and in fiat: USD, INR.
MyXchange makes it easy for any Money Transfer Organization (MTO) to run a secure crypto-fiat exchange that features full Know Your Customer (KYC), Anti-Money Laundering (AML), liquidity, wallet security, and fiat (US Dollar, Indian Rupee) on-off ramps. In the same way that Shopify makes it easy to launch an online store, MyXchange simplifies creating a secure exchange, passing along low fees with seamless cross-border escrowed payments across emerging markets.
XREX is backed by well-known venture capital firms AppWorks, WI Harper, BlackMarble, and CDIB (TWSE: 2883), along with Taiwan’s National Development Fund and Skype’s co-founders Toivo Annus and Jaan Tallinn.
The XREX MyXchange platform is a SaaS-based, fully auditable solution. Licensed Money Transfer Organizations (MTOs) / Money Transfer Services (MTSs), Money Service Businesses (MSBs), and digital currency service providers can help mitigate these issues by using MyXchange to launch their crypto-fiat exchanges. Until now, these MTOs have had to either outsource this technology or build it from scratch.
Building an exchange in-house requires tremendous resources to find and pay liquidity providers, custodians, KYC providers, AML providers, and cybersecurity providers, as well as convince banks to serve as fiat on-off ramps. Outsourcing to an “exchange managed services (white label) provider” often requires an investment of over $1 million.
“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,” said Wayne Huang, CEO of XREX. “More MTOs see the advantages of offering their own suite of digital currency services, and MyXchange provides tools to make it easier than ever to deploy a full-service exchange.”
XREX has seen significant traction among global MyXchange alpha testers, including merchants and MTOs in India, Africa, and the Middle East. The B2B global payment volume is projected to reach $63 trillion by 2026 (3), driven by a rise in the availability of new payment options.
Emerging market’s increase in crypto adoption has given MTOs new opportunities to help enterprises and merchants securely and efficiently send money across emerging markets. With MyXchange, XREX provides all of the technology needed for MTOs to facilitate international trade finance, whether it’s serving cross-border commodity trading or providing fiat bridges for offshore dollar banking.