With a shared vision of harnessing the power of blockchain technology to revolutionize financial transactions, the partnership between BasedApp and StraitsX marks a significant step towards mainstream adoption of digital assets.

Empowering Users with BasedApp

BasedApp is a Web3 application that offers a comprehensive suite of features designed to empower users with the ability to seamlessly spend, send, and invest their digital assets. BasedApp is one of the first crypto Visa debit cards that connects directly to a secure, non-custodial wallet.

Beta launch in Singapore

The BasedApp card's beta launch in Singapore facilitates seamless transactions using XSGD, StraitsX's stablecoin pegged to the Singapore Dollar. The card eliminates the need for third-party services, enabling users to effortlessly spend their digital assets. Simply top up your card directly from your BasedApp wallet, and you're ready to shop wherever Visa is accepted - a network spanning over 100 million merchants globally. 

When you spend, XSGD is securely withdrawn from your wallet on the blockchain. With BasedApp, users do not have to withdraw crypto into their bank account to spend. By connecting your XSGD stored on your non-custodial wallet to the Visa network, BasedApp bridges the gap between web3 and commerce. 

Elevating Wallet Security and Convenience

Key to this frictionless experience is BasedApp's wallet, built on the foundation of Safe, a trusted smart contract platform. This wallet isn't just secure; it's also non-custodial, which means users retain control over their assets and private keys.

BasedApp takes another step forward to make it more convenient for users via Account Abstraction. Account Abstraction allows developers to program more security and convenience factors. BasedApp uses this new technology to enable users to login with their emails and phone number, 1-click transactions and gasless transactions.

Investment and Trading Opportunities

BasedApp also provides users with investment and trading opportunities. The Auto-Swap feature automates executing transactions, like dollar-cost averaging strategies, for the user. Through BasedApp, a user can buy BTC or ETH on a regular frequency on the app - a feature not available on most crypto wallets.

Safe and Compliant

As a card issuer on the Visa payment network, BasedApp is committed to uphold the highest standards of regulatory compliance. To get a BasedApp Crypto-Linked Visa Debit Card, cardholders in Singapore have to undergo Know Your Customer (KYC) enabled through SingPass. 

BasedApp has also put into place AML screening procedures with the help of Chainalysis to ensure that malicious or non-compliant fund sources are stopped at source. This ensures that all BasedApp users can continue to utilise the app with peace of mind that it is not facilitating any illegal transactions.

StraitsX: A Gateway to Stable Transactions

Complementing BasedApp is XSGD, a stablecoin designed to maintain a 1:1 peg to the Singapore Dollar. XSGD is issued by StraitsX, a Singapore-based payments company for digital assets which emphasises security and compliance while driving mainstream payment use cases for XSGD.

StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore (MAS), and has also been working towards early compliance of the MAS-proposed "SCS" regulatory framework to issue MAS-regulated single-currency stablecoins. All StraitsX-issued stablecoins are subject to meticulous third-party audits and will always remain redeemable on a 1:1 basis on the StraitsX platform.

XSGD's Tangible Value

XSGD is one of the world’s largest non-USD stablecoin. Each XSGD is backed by one Singapore Dollar that is being held and safeguarded in a Singapore bank. This means that users can confidently transact with XSGD, knowing that their digital assets are intrinsically linked to tangible, real-world value.

What’s coming next

Both BasedApp and StraitsX are gearing up to participate in the upcoming Token2049 conference in Singapore, and conference attendees will have the opportunity to witness first-hand the future of digital finance and payments.

Conclusion

The collaboration between BasedApp and StraitsX signifies a significant step in bringing blockchain-powered financial transformation to the forefront. By seamlessly integrating digital assets into daily transactions, we can pave the way for a new era of financial interactions.

If you are interested to get your hands on the BasedApp card, join the waitlist here: https://basedapp.io/#waitlist