Three parties will develop stable tokens
- Through the partnership, NULS will build blockchain infrastructure, veriTAG will set up merchant and digital wallet ecosystem, OxPay will be exclusive payments service provider
- All three parties to collaborate in developing stable tokens for Asian markets
- A type of cryptocurrency pegged to and/or backed by underlying real-world assets, stable tokens can be used to pay for a variety of transactions priced in SGD
29th September 2021, NULS is pleased to announce a collaboration with OxPay and veriTAG. Three parties will develop stable tokens — known as CBDC (Central Bank Digital Currencies) — for the Asian markets.
Through the partnership, NULS will build the public blockchain infrastructure, veriTAG will set up the merchant and digital wallet ecosystem, while OxPay will be responsible for payments settlement, as well as the required Singapore licenses, which include merchant acquiring, domestic and cross-border money transfer.
NULS, OxPay, and veriTAG will also work together to develop stable tokens, which can be used to pay for purchases priced in Singapore dollars. Stable tokens are a type of cryptocurrency pegged to and/or backed by underlying real-world assets, which can include fiat money, commodities or even another cryptocurrency. Transactions using stable tokens include properties, digital art auctions or NFTs (non-fungible tokens), as well as e-commerce. For example, cryptocurrencies like Ethereum and Bitcoin can be used to purchase Singapore dollar stable tokens, which, in turn, can be used to buy both physical and digital assets.
The benefits of using stable tokens include safety and security with online transactions, as well as the ability to tap into the burgeoning global cryptocurrency market. The value of all cryptocurrencies in existence — or the total cryptocurrency market capitalization — peaked in May 2021 at about US$2.4 trillion, up from around US$200 billion in 2019.
Quote from NULS
Mr Reaper Ran, Co-Founder and Community Councillor of NULS, said: “We expect this partnership with OxPay and veriTAG to highlight the value of blockchain technologies, which can offer multiple advantages to businesses. Blockchain-enabled systems provide enhanced security and improved privacy, while its ability to streamline clearing and settlement boosts cost savings for enterprises.”
Quote from OxPay
Mr Henry Tan, Managing Director of OxPay, said: “We are pleased to unveil this collaboration with NULS and veriTAG, which will position OxPay at the forefront of developments in blockchain technologies, as well as the cryptocurrency market. We will continue to strengthen our suite of digital financial services to deliver state-of-the-art payment solutions.”
Quote from veriTAG
Mr Jason Lim, CEO and Founder of veriTAG, said: “We believe digital payments and cryptocurrencies will define the payments landscape of the future, both in Asia and globally. Cryptocurrencies, which are taking the digital world by storm, offer users greater convenience, security and transparency, with lower transaction costs.”
NULS is a blockchain built on an infrastructure optimized for customized services through the use of microservices. The NULS blockchain is a public, global, open-source community project. NULS uses the micro-service functionality to implement a highly modularized underlying architecture. By using the technology of our modular warehouse, smart contracts and cross-chain mechanism, in combination with the features of Chain Factory, the development cost of blockchain can be reduced, and the commercial application of blockchain can be accelerated and enhanced. NULS proposes a modularized thinking and multi-chain parallel micro-service architecture, based on the “chain” as the core development concept, to build a “Chain Factory” of core products. NULS enables users to choose their own components for chain-building in a drag and drop style of pluggable functionality.
OxPay started off as a payment's technology and merchant services provider, facilitating payments collection for e-commerce transactions between suppliers, merchants and consumers in Singapore. The Group is focused on servicing merchants in the retail, transportation and food and beverage industries. Its wholly-owned subsidiary, MC Pay Pte. Ltd., which was established in 2005, holds a major payment institution license in Singapore, and is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Currently, OxPay has a presence in four countries — Singapore, Malaysia, Indonesia and Thailand — with ambitions to become a regional player.
veriTAG has developed a tagging solution built off the NULS blockchain, focusing on tagging products and assets securely to the cloud using Near Field Communication (NFC) and QR codes. It has a wide variety of applications in the industries such as manufacturing, distribution, retail and healthcare, with an extensive network in the Asia-Pacific region. Backed by Enterprise Singapore, IMDA and the Singapore Food Agency, veriTAG is the number 1 food security blockchain tracking solution in Singapore, and has extended its suite of products to include the arts and NFTs.