X8 AG Submits a Swiss Fintech Licence Application
X8 AG submitted the application for a Swiss FinTech license according 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 successfully submitted the application to FINMA, the Swiss Financial Market Supervisory Authority, for the Swiss FinTech license according to Article 1b Banking Act. This marks an important step for X8 AG on its way to become a fully regulated global stablecoin system and significantly differentiating itself from the current non-regulated crypto space.
Switzerland offers one of the most advanced regulatory frameworks for digital assets. X8 AG believes that designing its stablecoin system under Swiss law is the best starting point to achieve a global X8 cross-border framework for payments. Full compliance with the Swiss regulatory framework strengthens the high standards of protection for clients.
X8 AG aims to empower users and their money with frictionless, secure, and reliable financial solutions, facilitating identical and simultaneous use of stablecoins inside both the traditional and digital payment spaces.
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).
In addition, X8 also plans to issue a global stablecoin backed by a basket of the X8 SDSCs denominated in all eight currencies (the X8C GSC). However, the final structure and functionalities of the X8C GSC are not yet defined.
X8 SDSCs are intended to be used as means of payment. The holders of X8 SDSC have a fixed redemption claim against X8 AG equaling the fiat backing of the X8 SDSC.
To achieve fully compliant and regulated payments across the broader TradFi, CeFi, and DeFi landscape, X8 AG plans to integrate smart features directly into the overall payment solution. Smart features shall include a blockchain digital identity, KYC, AML & cross-border checks, wallets, APIs, and multichain functionalities.
Smart features shall guarantee the eligibility of the sender and receiver of the service at all times and protect against non-compliant transfers, even when executing cross-border payments.
X8 AG’s 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 with which to connect both traditional and new digital systems. X8 AG is operating in compliance with AML regulations and KYC provisions and is affiliated to a self-regulatory organization. In addition, X8 AG will accomplish and exceed other benchmarks, 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 top-tier Swiss safety and reliability, helping to grow 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 utility token in 2018, the company progressed with the development of the world’s first stablecoin system backed by eight currencies. Through its regulatory-compliant structure, X8 AG's goal is to become the global stablecoin most suited for international payments by both institutional and retail clients. Based on its development of proprietary tools and platforms using global tech megatrends such as AI and blockchain to create stability in 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 to bring compatibility between the traditional and the new decentralized financial landscape. The foundation of the company is to operate in a regulatory-compliant way.
X8 AG information contact:
Media Relations: Triona Mc Hale, Partner, Ignite Communication
All statements regarding the expected 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 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 anticipated results, performance, or achievements. X8 AG and X8 Group Inc. are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. Although all reasonable effort has been made to ensure the facts stated herein are accurate and that the opinions contained 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 and X8 Group Inc. nor any of its directors, officers, employees, or advisors nor any other person makes any representation or warranty, 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 advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this press release.