25 Aug 2022 Taipei — Crypto-fiat exchange XREX today announced its partnership with Customers Bank, the banking subsidiary of Customers Bancorp (NYSE: CUBI), to expand its fiat gateways and provide users better U.S. dollar (USD) deposit and withdrawal experiences.
With a mission to redefine banking together, XREX helps cross-border merchants and businesses in emerging markets leverage stablecoins and cryptocurrencies for business payments and access USD globally. This is where XREX and Customers Bank find great synergy; Customers Bank aims to offer a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families.
“We are excited to collaborate with Customers Bank, a publicly listed bank holding company and also a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation (FDIC),” said Wayne Huang, co-founder and CEO at XREX. “XREX bridges blockchain-driven financial innovations with the traditional banking system. Adding Customers Bank to our ecosystem strengthens our confidence to solve dollar shortage issues in emerging markets such as India, Africa, and South America.”
Customers Bank is among the crypto-friendly banks in the U.S. that are forward-looking and open-minded to embracing financial innovations enabled by cryptocurrency and blockchain technologies. With the newly established partnership with Customers Bank, XREX is able to process USD deposits and withdrawals in any ticket size.
“We appreciate that XREX recognized the power and versatility of our Customers Bank Instant Token (CBIT™) platform,” stated Christopher Smalley, Managing Director, Head of Digital Bank of Customers Bank. “We welcome the opportunity to work with and support a major player in the global markets as we continue to expand our cryptocurrency and digital asset services.”
Though XREX still sets certain deposit and withdrawal limits for both personal and corporate accounts according to their identity verification level, users can directly approach the XREX team for handling larger ticket sizes.
“XREX is known for its strict anti-money laundry mechanism, identity verification system, and risk management control,” said Robb Layfield, Managing Director, Digital Assets at Customers Bank. “Regulated, compliant, and secure crypto exchanges are always preferred to banks. We look forward to serving more people in developing countries together with XREX, ensuring they enjoy deep USD liquidity.”
On the XREX platform, users can buy, sell, trade, and convert fiat-to-crypto, crypto-to-crypto, and crypto-to-fiat. They can make transactions with XREX’s star feature BitCheck, an online escrow service that acts as an independent third party, withholding funds until both parties fulfill their responsibilities in the transaction.
BitCheck is commonly used for business payments, OTC desk trading, and P2P deals. Furthermore, users can now add a contract to BitCheck to document users’ agreed terms and conditions.
To facilitate a secure and trustworthy trading environment with safe fiat gateways, XREX values its comprehensive partnerships with global banks. Today, the newly announced partnership with Customers Bank opens up a new USD gateway that will go a long way toward the path of financial inclusion in emerging economies.