What happened?
A new strategic partnership between the Web3 banking platform Vaulta (formerly EOS Network) and Canadian crypto exchange VirgoCX Global Holdings has been announced. Together, they are launching a cross-border remittance network called VirgoPay that uses stablecoins to lower transfer fees and times for international transactions. This collaboration will also allow users on Vaulta’s platform to make global payments swiftly through VirgoPay.
Who does this affect?
This development impacts users of both Vaulta and the VirgoCX platforms, especially those who engage in cross-border transactions. It benefits individuals and businesses looking for fast, low-cost, and secure ways to send money internationally. Furthermore, it targets markets currently underserved by traditional banks, offering them new financial transaction capabilities via cryptocurrency.
Why does this matter?
The collaboration between Vaulta and VirgoCX represents a significant move in the financial technology space, potentially disrupting traditional banking systems. By lowering transaction fees by up to 70% and enabling payments to be completed in minutes, it introduces more efficiency into the market. The use of stablecoins also offers stability against currency fluctuations, increasing security and transparency and potentially attracting more users to cryptocurrency-based transactions.