FAQ

What is Blockchain Technology?
Blockchain is an innovative technology used to settle transactions instantaneously. The blockchain is a secure distributed ledger that stores each transaction and eliminates the need for a trusted third party.

What are Digital Assets (Tokens)?
A digital asset is representation of money. XAGO issues digital assets linked to fiat currency that is underwritten by an escrow account. Integrators such as a mobile wallet company or a bank will acquire digital assets from XAGO on behalf of its customers in order to trade these with the retailer (as an example). A retailer’s bank or the retailer themselves, will accept these digital assets as settlement, which are redeemable immediately. Digital assets are linked to a local fiat currency to eliminate volatility. Account holders will receive the interest accrued from the escrow service.  Retailers can redeem these digital assets in accordance with terms set out in the Merchant Services Agreement or use them for supply chain requirements.

Can we accept any digital asset?
​Yes, XAGO can issue any digital asset onto the ripple ledger.   Depending on the cryptocurrency additional development will be required.

Why we use Ripple technology?
Ripple is an enterprise blockchain solution built for settlement between participants and individuals.

Example:

Fiat currency*Bitcoin (BTC)*Ripple (XRP)***
Transaction time3-5 days15-45mins3-5 seconds
VISA Transactions per second72000About 101,500 (Scalable with payment channels)
Energy cost per transactionNegligibleAbout 250kWhNegligible
Processing algorithmn/aProof of workConsensus
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How are fees structured?

One of our key differentiators at XAGO is our approach to fees. Whilst withdrawal fees are set at ZAR8.50, we take a more tailored approach to applying fees for transactions.  If you place a buy/sell order on the platform you will receive approximately the quoted price one the top right hand corner.   Because the market is constantly moving and the pricing is continually updating, in order to match the buyers and sellers some minor variance in the quoted pricing might occur at the time of purchase. All fees are included in this quoted price.

How does the Buyer-Q function work?

Larger orders may slightly vary in price as the market moves constantly and market makers might not have enough liquidity at the time of purchase. Therefor if you would like to make sure you get the best possible prices for buying XRP, please tick the buyer-q price under settings.  This buy function q’s your order in our matching service and will match you with the quoted selling prices as the market starts moving and sellers become available.

Can I sign up as an individual?

Whilst XAGO predominantly works with businesses we also welcome individuals to register on the gateway to buy and sell, send and receive XRP.  Our sign-up process is simple, click on the register here button and you will be taken through the registration process. 

Do you require KYC/FICA?

Yes, we require all XAGO customers to comply with the KYC/FICA process.  The process is different for individuals and businesses.  We use a third-party service provider named DocFox to ensure that we comply with FICA through automatic sanctions screening and risk rating.  On creating a Xago account you are able to immediately store, send and receive XRP. However, we need to do a full KYC verification in order for you to be able to buy and sell XRP with or deposit and withdraw South African currency through our Gateway.

What about Security?

At XAGO, we take security extremely seriously and whist this sometimes may affect your user experience, we believe it is more important to safeguard your assets.  We do 2 factor authentication on every transaction whether it is a payment, send, deposit, withdrawal, buy or sell, in order to make sure YOU are authorising the transaction.

What are Crypto Assets?

According to SARB crypto assets, which are commonly referred to as crypto currencies,  are digital representations or tokens that are accessed, verified, transacted and traded electronically by a community of users.

Can we accept any Digital Asset?

XAGO is an agnostic settlement platform and depending on the customer facing wallet of your choosing XAGO will settle with the retailer in ZAR. Customers who sign-up directly with XAGO can only pay in XRP.

What is a Gateway?

The XAGO Gateway provides a way for money and other forms of value to move in and out of the XRP Ledger.  We act as both an Issuing Gateway and a Private Exchange.

What is a Market Maker?

Market Makers play a key row within the ecosystem by providing liquidity and also helping to keep spreads low, adding utility and reducing cost for entities transacting on the Ripple protocol.

To participate as a market maker please contact us directly on debra@xago.com

Why we use Ripple technology?

Ripple is an enterprise blockchain solution built for settlement between participants and individuals. It is purpose built to solve the issue that remains of the slow, inefficient, costly price of moving money globally.

Here is how ripple differs:

Fiat currency*Bitcoin (BTC)*Ripple (XRP)***
Transaction time3-5 days15-45mins3-5 seconds
VISA Transactions per second72000About 101,500 (Scalable with payment channels)
Energy cost per transactionNegligibleAbout 250kWhNegligible
Processing algorithmn/aProof of workConsensus