Xago Technologies (Pty) Ltd. in CAPE TOWN, South Africa, announces its integration with BCB Group in the United Kingdom, empowering Xago’s clients to send and receive British Pounds and Euros highly securely, compliantly, at low cost and within minutes. Xago’s innovative infrastructure utilises their proprietary stable coins XGB and XEU to achieve accelerated settlement for their clients.
Mark Chirnside, CEO and Co-Founder of Xago comments, “Offering XGB and XEU, which are fully backed by fiat, to banking and other clients has been a significant milestone in Xago’s roadmap. Partnering with BCB Group was an obvious choice as both companies are dedicated to offering innovative steps to reduce costs and speed of transactions for our clients. According to the World Bank, the global average cost to send money is 6.09%, timing can take anything from one day to a week to clear in certain countries, and banks remain the most expensive type of service provider at 10.94%. Integrating with BCB Group has enabled Xago to change the timeframe substantially to just minutes and at a fraction of the cost.”
World Remit’s latest Cost of Living Survey states that “more than 244 million people worldwide are classified as migrants. With global inflation showing no signs of slowing, financial preparation and planning is essential to ensuring migrants and their families can continue to make ends meet.” There is continued pressure on financial institutions to offer their clients a faster and cheaper option to send money home as day-today living expenses sky rocket.
BCB Group is the leading provider of business accounts and trading services for the digital asset economy. BCB Group’s Deputy CEO, Noah Sharp, comments: “We are proud to be supporting Xago on its mission to transform the payments industry with access to GBP and EUR Business Accounts and fiat clearing. Through our infrastructure, we support Xago to operate seamlessly between traditional and digital asset classes for its client base. Xago is pioneering the payments space in Africa, and it’s exciting to see such a great financial application that combines the theoretical benefits of blockchain technology and applies it practically to transform inefficient, legacy systems.”
Xago recently announced the launch of XUS supporting US Dollars on its unique payment gateway and trade exchange designed and developed on the XRP Ledger. Clients are now able to offer their customers global money transfer in USD, GBP, EUR and ZAR with the certainty of knowing exactly when their money reaches their loved-ones back home.
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About Xago Technologies (Pty) Ltd.
Founded in 2016 in South Africa, Xago is trusted by financial institutions, payment solution aggregators, ecommerce platforms, mobile operators, crypto exchanges, investment and international businesses. Xago transfers money across the world securely, compliantly, cost-effectively and with CERTAINTY. Xago’s strategic relationships include Imvelo Investments (founded by Capitec and Empowerment Capital), Stanchion, Circle, BCB Group, IFWG (official regulators of crypto assets), and is audited by Mazars. Xago harnesses the power of the XRP Ledger playing a crucial role to transform the cost and delays of traditional global payments, focusing on empowering people in Africa. www.xago.io
About BCB Group
BCB Group is a leading crypto-dedicated payment services provider, serving many of the industry’s largest clients including Bitstamp, FTX, Crypto.com, Fireblocks, Galaxy, Gemini, Huobi and Kraken. BCB Group provides payment services in over 30 currencies, FX, cryptocurrency liquidity, digital asset custody and BLINC, which is BCB’s free, instant settlements network for the BCB client ecosystem.
Responding to corporate and institutional demand for essential and excellent infrastructure in digital asset markets, BCB Group was created by established thought leaders in finance, regulation and technology. Founded in the UK and developed to encompass key relationships across global financial services communities, BCB Group is well positioned as one of the first multi-jurisdictional regulated cryptocurrency service firms. BCB Group’s leadership executive team have worked for Barclays, Paysafe, Bitstamp, Coinbase, Credit Suisse, Deutsche Bank, FIS, Goldman Sachs, JP Morgan, Investec, Lloyds Commercial Bank, Luno, Norton Rose Fulbright, FIS and Sun Life of Canada. BCB’s mission is to connect and bank the global crypto industry. https://bcbgroup.com
Cheridan Inglis, Chief Marketing Officer