Vaulta, a developer of scalable operating systems for Web3 banking, has announced a partnership with digital asset service provider VirgoCX Global to introduce a cross-border remittance network, VirgoPay.
VirgoPay is a cross-border remittance network designed to improve the efficiency and cost-effectiveness of international payments through the use of stablecoins.
The agreement positions Vaulta as the default transaction and settlement layer for VirgoPay, aligning with the former’s broader Web3 Banking goals.
Scheduled for a May rollout, VirgoPay will employ blockchain technology to offer enhanced security and speed over traditional payment methods. Users will be able to fund their accounts via conventional local payment methods or directly from a crypto wallet, with options to transact in multiple fiat currencies.
Real-time tracking will be available for each transaction until completion, allowing recipients to access funds in their preferred currency.
Vaulta founder and CEO Yves La Rose said: “In addition to being very costly and slow, cross-border payments have always relied on access to traditional banks or financial institutions, which often isn’t an option in areas that lack that necessary and widely available infrastructure.
“Virgo is tackling this problem head on by leveraging the power of stablecoins, while also acting as the first true proof-of-concept for our chain’s new focus around the evolution of finance.”
VirgoPay aims to reduce cross-border transaction fees by up to 70% while executing transactions within minutes rather than days. The adoption of stablecoins is intended to provide stability against currency fluctuations and leverages blockchain technology’s inherent transparency and security.
Virgo CEO Adam Cai said: “Vaulta’s vision about Web3 Banking is aligned very well with Virgo’s vision ‘make crypto great for all’. Leveraging stablecoins for payments is going to be the first killer application for DLT.
“VirgoPay is thrilled to partner with Vaulta to achieve its’ global mission to make money flow freely and easily.”
The initial phase will cover major financial hubs such as the US, Canada, Hong Kong, Brazil, Argentina, and Australia.
A subsequent phase will expand the network into additional countries in South America, Southeast Asia, and the Middle East, tapping into a remittance market projected to exceed $1 trillion by 2029.
Virgo stands as one of the major digital asset service providers in Canada with a growing footprint in the US and Australia.
It is said to have facilitated over C$2.5bn ($1.76bn) in transactions across its business lines and anticipates reaching C$3.5bn ($2.46bn) in annual transactions this year as mainstream cryptocurrency adoption continues to rise.
Besides using Vaulta’s layer one chain as its primary settlement layer, the partnership will enable Vaulta users to access seamless cross-border payments through VirgoPay. Following its rebranding from EOS Network, Vaulta plans to introduce additional features and financial services through upcoming strategic partnerships.
