Web3 banking firm Vaulta has partnered with digital asset provider VirgoCX Global Holdings to launch a new cross-border remittance network called VirgoPay. This innovative platform will utilize stablecoins to streamline international money transfers, reduce costs, and accelerate transaction times.

The VirgoPay Solution

VirgoPay is scheduled to launch in May, offering users a more efficient way to send money across borders. By integrating stablecoins, it aims to lower transfer fees by up to 70% compared to traditional remittance services. The platform will also enhance transaction speed, providing near-instant payments.

Vaulta will serve as the default settlement layer for VirgoPay, ensuring reliability and efficiency in processing payments globally. Users will have the flexibility to fund transfers through various methods, including bank transfers, e-transfers, card processing, or directly via crypto wallets.

Why Stablecoins Matter

Stablecoins play a crucial role in VirgoPay’s operations by acting as intermediaries. These digital assets help bypass the limitations of traditional banking systems, especially in regions with limited financial infrastructure. This approach not only reduces costs but also empowers users by offering a seamless and fast payment experience.

“Cross-border payments remain costly and slow, often requiring access to banks that some regions lack,” said Yves La Rose, CEO of Vaulta Foundation. “Virgo is addressing this by leveraging stablecoins and demonstrating the power of Vaulta’s Web3 Banking OS.”

Improving Financial Accessibility

The partnership between Vaulta and VirgoCX aligns with their shared mission to enhance financial accessibility. By leveraging stablecoins, VirgoPay aims to simplify global money movement, making it more inclusive for users around the world.

“Stablecoins for payments will be the first killer app for distributed ledger technology,” commented Adam Cai, CEO of Virgo. “VirgoPay is excited to partner with Vaulta to make global money movement seamless.”

Phased Rollout and Market Expansion

In its first phase, VirgoPay will connect key financial hubs, including the U.S., Canada, Hong Kong, Argentina, Brazil, and Australia. This strategic rollout focuses on regions with high remittance activity and significant demand for faster, cheaper payment solutions.

The second phase will extend VirgoPay’s network into South America, Southeast Asia, and the Middle East, targeting the growing $1 trillion remittance market projected by 2029. This expansion is expected to address the financial needs of underserved communities while driving adoption of stablecoin-based payments.

Vaulta’s Growing Influence

Vaulta, formerly known as EOS Network, continues to broaden its financial infrastructure solutions with VirgoPay as a key milestone. The company has hinted at additional partnerships that will further its mission to revolutionize global payments through Web3 technology.

With VirgoPay’s launch, Vaulta and VirgoCX are setting the stage for a transformative shift in the remittance industry, leveraging stablecoins to deliver faster, more affordable, and accessible financial solutions to users worldwide.

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