Xfers, along with Golden Gate Ventures and Eduardo Saverin, Facebook co-founder, will employ Zilliqa’s smart contracts, launched in recent times, to simplify payments and make it un-ambiguous for its client base of 500,000.
Smart contracts facilitate mechanized, conditional trades that are only performed only if the groups taking part in the transaction fulfill the necessary criteria as detailed in the contracts and included in the cryptographic code.
Zilliqa’s president Amrit Kumar pointed out that the blockchain startup’s tailor made smart contract language, named Scilla, was developed with security in mind.
The collaboration aims to use @zilliqa’s recently launched #smartcontracts that enable automated, conditional transactions to make payments more efficient and transparent for half a million users. >>> https://t.co/duUvCZDohP#abr #asiablockchainreview #fintech #banking pic.twitter.com/LkKX59fpZh
— Asia Blockchain Review (@abr_blockchain) July 4, 2019
Zilliqa is presently studying ways to partner with Xfers, which has 500 startups as its associates. The firm recently received license from the Monetary Authority of Singapore (MAS) to operate as a Widely Accepted Stored Valued Facility (WASVF).
Xfers Wallet can store more than S$30 million worth assets of individuals and merchants and will bear full liability. Other prominent WASVFs are EZ-Link Card, NETS Flashpay, NETS CashCard, and CapitaVoucher.
Kumar also stated that potential partnerships could involve remittances, considering the fact that conventional cross-border dealings usually take several days to get completed. Notably, blockchain technology enables payment transfers to be effectively carried out on real-time basis.
Of late, Zilliqa announce ZIL Hive, a three month incubation program to back ventures building on the Zilliqa blockchain. ZILHive was started in collaboration with global blockchain incubator LongHash, which is backed by the Singapore government.