Zilliqa Partners with Xfers to Introduce Blockchain Payment Solutions

Asia Blockchain Review
July 4, 2019
Singapore Polytechnic Introduces Professional FinTech and Blockchain Courses

Zilliqa, a blockchain technology company based in Singapore and London, has collaborated with payment solutions provider Xfers on the implementation of distributed ledger technology (DLT) in payments processing.

As reported by The Business Times, Xfers, together with Golden Gate Ventures and Facebook co-founder Eduardo Saverin, will use Zilliqa’s recently launched smart contracts to streamline payments and make them more transparent for its 500,000 users.

Smart Contracts Enable Conditional Transactions

Smart contracts enable automated, conditional transactions that are only carried out if the parties involved perform the required actions as stipulated in the contracts and underwritten into the cryptographic code.

Amrit Kumar, president of Zilliqa, said the startup’s proprietary smart contract language, called Scilla, was designed with security in mind.  

The firm is currently exploring other ways to collaborate with Xfers, which is backed by 500 startups and recently received approval from the Monetary Authority of Singapore (MAS) as a holder of a Widely Accepted Stored Valued Facility (WASVF). 

Xfers Wallet can hold over S$30 million of user’s and merchants’ stored value, for which it will be fully liable. The only other WASVFs are EZ-Link Card, NETS CashCard, NETS Flashpay and CapitaVoucher.

Blockchain Can Bring Processes Closer to Real-time

Kumar noted that potential collaborations could include remittances, given that traditional cross-border transactions can take several days or even weeks to complete, while blockchain technology can bring the process closer to real-time.

Zilliqa also recently announced ZILHive, a 12-week incubation program to support projects building on the Zilliqa blockchain.  ZILHive was launched in partnership with global blockchain incubator LongHash, which is supported by the Singapore government.

Source: www.businesstimes.com.sg


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

Australia’s Monash University Launches Blockchain Research Center
Australia’s Monash University has unveiled a research center that will focus on blockchain innovatio...

December 4, 2019

JPMorgan Tests Blockchain System for Tracking Cars
JPMorgan is developing a blockchain-based system to track the automobile inventory of car dealers ob...

December 4, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us