xSpend allows GameFi tokens, stablecoins to pay for real-world goods and services
Crypto finance platform XLD Finance wants to enable users to spend GameFi tokens and stablecoins to pay for real-world goods and services.
The company has launched its first project, xSpend, which allows users from Bangladesh, India, Indonesia, Malaysia and the Philippines to purchase mobile prepaid credits on the platform using GameFi tokens and stablecoins. Users may also pay Philippine-based businesses for goods and services — a feature rolling out globally by 2022. GameFi tokens refer to cryptocurrency tokens that can be earned and spent on a game. Examples include SAND, the utility token of The Sandbox gaming ecosystem, and AXS of Axie Infinity, among others. Stablecoins are crypto tokens like Tether and USDC that are pegged to the U.S. dollar.
According to a press release, xSpend is directly integrated with Web 3.0 wallets including Metamask and Ronin. Users can simply connect their crypto wallet, choose the token to spend, select the biller to pay and enter account details. Currently, transactions with USDT, USDC, DAI and SLP are supported. Users can use these tokens to pay more than 350 companies including Globe and AirAsia in the Philippines, Airtel in Bangladesh and India, and Indosat in Indonesia, among others.
“We are excited to help the lives of play-to-earn users and scholars by making it easier to spend crypto for necessities,” said Ian Estrada, CEO of XLD Finance. “Anyone can use their stablecoin or SLP to pay their bills in less than three minutes through their Metamask and Ronin wallets.”
The firm’s long-term objective includes the development of both Web 2.0 and Web 3.0 financial solutions including its own stablecoin and a non-custodial DeFi wallet. XLD Finance is currently working on xMoney, a play-to-earn exchange that simplifies moving tokens from a crypto wallet to mobile wallets and bank accounts.
xSpend will allow Indians, along with users from the neighboring regions, to pay for prepaid mobile credit with crypto. However, the Indian government is currently mulling regulation that will aim to prohibit the use of crypto for payments, although trading may be allowed under regulation.
Monika is a tech journalist. She is an avid reader fascinated by classic English literature and enjoys painting and cooking. When her head is not buried behind a book, she writes about technology like cryptocurrency, blockchain, AI and more.