X8 AG submits a Swiss Fintech license application
X8 AG submitted the application for a Swiss FinTech license pursuant to Art. 1b Banking Act with the intention of operating a regulated global stablecoin system
BAAR, Switzerland, Feb. 08, 2023 (GLOBE NEWSWIRE) — The X8 AG team has submitted its application to FINMA, the Swiss Financial Market Supervisory Authority, for the Swiss FinTech license under Article 1b Banking Act. This marks an important step for X8 AG on its way to becoming a fully regulated global stablecoin system and significantly differentiating itself from today’s unregulated crypto space.
Switzerland offers one of the most advanced regulatory frameworks for digital assets. X8 AG believes that the design of its stablecoin system under Swiss law is the best starting point for achieving a global X8 cross-border framework for payments. Full compliance with the Swiss regulations reinforces the high standards of protection for clients.
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X8 AG aims to empower users and their money with frictionless, secure and reliable financial solutions, facilitating the identical and simultaneous use of stablecoins in both traditional and digital payment venues.
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Once the FinTech license will be granted, X8 AG plans to issue three different stablecoins denominated in single fiat currencies and backed 1:1 by either CHF, EUR or USD (each a Single Denominated Stablecoin, X8 SDSC). Later, X8 AG aims to scale up and add additional X8 SDSCs in other currencies (JPY, GBP, CAD, AUD and NZD).
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In addition, X8 also plans to issue a global stablecoin backed by a basket of X8 SDSCs denominated in all eight currencies (X8C GSC). However, the final structure and functionality of the X8C GSC has not yet been defined.
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X8 SDSCs are intended to be used as a means of payment. The holders of X8 SDSC have a fixed redemption claim against X8 AG that corresponds to the fiat support of X8 SDSC.
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To achieve fully compatible and regulated payments across the wider TradFi, CeFi and DeFi landscape, X8 AG plans to integrate smart functions directly into the overall payment solution. Smart features should include a blockchain digital identity, KYC, AML and cross-border checks, wallets, APIs and multi-chain capabilities.
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Smart features must guarantee the eligibility of the sender and recipient of the service at all times and protect against non-compliant transfers, even when making cross-border payments.
X8 AG CEO Roland Wulz said: “We are very pleased with what X8 AG is building, as the world needs a reliable, fully regulated and compliant instrument to connect both traditional and new digital systems with. X8 AG operates in compliance with AML regulations and KYC regulations and is affiliated with a self-regulatory organization. In addition, X8 AG will achieve and exceed other standards, including capital reserves, client protection and compliance. Achieving these milestones has paved the way for this week’s FinTech license application. X8 AG intends to lead the FinTech industry with Swiss security and reliability at the top level, helping to expand the world’s new financial infrastructure from Switzerland to the global stage.”
About X8 AG:
X8 AG is a Swiss-based FinTech company owned by X8 Group Inc. Building on the successful ICO of the X8X tool in 2018, the company went ahead with the development of the world’s first stablecoin system backed by eight currencies. Through its regulatory structure, X8 AG aims to become the global stablecoin best suited for international payments by both institutional and private customers. Based on its development of proprietary tools and platforms that use global technological megatrends such as AI and blockchain to create stability of value for financial market players, X8 AG focuses on three main areas which are: professional portfolio risk management, stablecoins and smart FinTech solutions.
X8 AG is driven by a focus on bringing compatibility between the traditional and the new decentralized financial landscape. The basis for the company is to operate in a regulatory manner.
Contacts:
X8 AG information contact:
[email protected]
Media Relations: Triona Mc Hale, Partner, Ignite Communication
[email protected]
Disclaimer:
All statements regarding the anticipated future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for the future operations of X8 AG and X8 Group Inc., including words such as “anticipate”, “if “, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “could”, “should”, “will” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the control of X8 AG and X8 Group Inc., which may cause actual results, performance or achievements to differ materially from expected results, performance or achievements. X8 AG and X8 Group Inc. are under no obligation (and expressly disclaim any such obligation to) update or change our forward-looking statements, whether as a result of new information, future events or otherwise. While every reasonable effort has been made to ensure that the facts stated herein are accurate and that the opinions herein are fair and reasonable, this press release is selective in nature and is intended to provide an overview of the business of X8 AG and X8 Group Inc. Neither X8 AG nor X8 Group Inc. nor any of its directors, officers, employees or advisors or any other person makes any representations or warranties, express or implied, as to the accuracy or completeness of the information contained in this press release. Neither X8 AG and X8 Group Inc. nor any of its directors, officers, employees and advisers or any other person shall have any liability whatsoever for any loss arising, directly or indirectly, from the use of this press release.
