Xago, the Cape Town based blockchain payment rails fintech, has announced the support of the EUR via its stable coin XEU. The digital asset is 100% collateralised with fiat currency, and allows for the enabling of purchases, transfers and payouts in Euros in a highly secure and compliant manner within minutes and certainty.
The launch of the XEU adds to their impressive portfolio of British Pounds, US Dollars and Circle’s USDC on the unique payment gateway and trade exchange designed and developed on the XRP Ledger, adding to the ZAR and Ripple’s XRP currencies already on the platform.
Focusing on empowering people in Africa, Xago’s innovative money movement solutions are built with speed, efficiency, and low cost transactional abilities. Their latest product, Xpedite, is a white-label international money transfer solution, developed specifically for banks and retailers to offer a faster and cheaper option for their clients to send money anywhere, anytime.
“According to the Africa Centre for Strategic Studies, the number of people who have migrated from Africa to Europe since 2010 has doubled and is currently over 11 million. The cost of sending money into and out of Africa is higher than any other continent and can take over a week to arrive at its destination. One of the reasons we founded Xago is to enable our corporate clients such as banks to offer their customers instant, low-cost options when they simply need to send money home to their families,” comments Jurgen Kuhnel, Co-founder and Chief Commercial Officer of Xago.
