Xago, a cryptocurrency exchange based in South Africa, has stated that its trading platform is receiving a huge investment to expand its services across African markets and the digital token XRP is critical to its mission.
Xago is a regulatory compliant crypto exchange that uses XRP/ South African rand (ZAR) trading pair, bypassing traditional payment rails to give room for customers to quickly move money across borders.
In an announcement about three days ago, the company stated that it is receiving substantial investment from an investment firm, Empowerment Capital Investment Partners and Imvelo Ventures, a venture capital company founded by the South Africa-based Capitec Bank.
According to Mark Chirnside, the CEO of Xago, the investment will help the firm in its mission to lower the cost and enhance the speed of remittances.
In another report, the CEO pointed out that the crypto exchange is also working on sealing partnerships with other exchanges around the globe.
“We have 25 global exchanges on the discussion point about accepting the integration with us to open up South Africa. We are working with the authorities on regulation around the space and we are working with… a couple of retail spaces to join the functionality down to the point of sale.”
XRP Is Critical to Xago’s Mission
Moreover, the chief commercial officer and co-founder of Xago, Jurgen Kuhnel, revealed that the digital token XRP is at the forefront as the company strives to make digital currency function on a daily basis in the world of payments:
“The payment speed is essential. If you had to take, for example, Bitcoin – it takes 12 minutes to clear on average for a block confirmation, or the Ethereum Network takes three minutes, and the XRP Ledger takes three seconds.”