Vaulta dan Virgo Luncurkan Solusi Pembayaran Lintas Negara
Vaulta (ex-EOS Network) and Virgo Launch Cross-Border Payments Solution https://cryptonews.com/news/vaulta-ex-eos-network-and-virgo-launch-cross-border-payments-solution/

Vaulta (ex-EOS Network) and Virgo Launch Cross-Border Payments Solution

Web3 banking platform Vaulta (prev. EOS Network) has announced a strategic partnership with Canadian crypto exchange and managing platform VirgoCX Global Holdings to launch the dedicated cross-border remittance network VirgoPay. The new network will use stablecoins to lower transfer fees and transfer times for international wire transfers and payments.

Users will be able to add funds using bank transfers, e-transfers, credit cards, and crypto wallets. They can also select from a range of fiat currencies, USDC, or USDT. Therefore, the collaboration will enable Vaulta's layer-1 chain's users to directly access cross-border payments through VirgoPay.

The team plans to launch VirgoPay in May, with Vaulta being the default transaction and settlement layer for VirgoPay. It will provide the new network with near-instant finality. Furthermore, users can track the status of their payment in real-time. Once they receive the funds, the recipients will be able to access them via their preferred currency.

The team claims that this method reduces cross-border transaction fees by up to 70%. Additionally, it lowers the speed of transactions to minutes. Finally, utilizing stablecoins for this approach boosts protection against local currency fluctuations, while the blockchain technology provides additional security and transparency.

Virgo CEO Adam Cai commented that both Vaulta and Virgo want to "make crypto great for all" as the money moves freely on a global level. He added that leveraging stablecoins for payments will be "the first killer application for DLT."

VirgoPay will roll out in phases, with the first phase connecting a number of financial hubs globally, including the US, Hong Kong, Canada, Argentina, Brazil, and Australia. The second phase will expand the VirgoPay network into other countries in South America, Southeast Asia, and the Middle East.