Xago Expands Global Reach: Now Supports Nigerian Naira and Secures AUSTRAC Registration
South African crypto fintech company Xago has made significant strides in the global stock market today. After establishing Xago Australia Pty Ltd and securing registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a Digital Currency Exchange, the company has expanded its currency offerings to include Nigerian Naira (NGN).
Founded in 2016, Xago Technologies (Pty) Ltd is headquartered in South Africa and specialises in efficient and secure digital payment services using the XRP Ledger. The company's innovative platform enables near-instant settlements and low transaction costs, while maintaining strong regulatory alignment across multiple jurisdictions.
Through a strategic partnership with OpenPayd, Xago has bolstered its Euro services with robust SEPA and SWIFT integration, facilitating smooth on- and off-ramping. This latest expansion into the Australian market marks a significant step into the Asia-Pacific region, further cementing Xago's commitment to regulatory compliance.
Xago now supports transactions in six major currency-backed stablecoins: USD, GBP, ZAR, NGN, EUR, and AUD. This enhanced accessibility, coupled with seamless on- and off-ramp functionality for NGN, is set to make a tangible impact in the Nigerian market.
Jurgen Kuhnel, CEO of Xago, has expressed that securing AUSTRAC registration and expanding currency offerings are crucial steps towards achieving global and emerging market penetration. With its robust platform and regulatory compliance, Xago continues to reshape the international payments landscape, one strategic move at a time.
