Vaulta, formerly EOS Network, is joining forces with VirgoCX to launch a new stablecoin-powered cross-border payments network as the first major deployment of its Web3 Banking OS.
Vaulta, the blockchain ecosystem that recently rebranded from EOS Network, has entered a strategic partnership with Canadian crypto exchange VirgoCX to launch a new stablecoin-powered remittance network called VirgoPay.
According to a press release shared with crypto.news, the jointly created new venture will use Vaulta’s blockchain as its default transaction and settlement layer. The service is expected to go live in May and aims to reduce the cost and time of international payments by using stablecoins instead of traditional banking rails.
“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.”
Yves La Rose, founder and CEO of Vaulta
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Per the press release, users could send funds via VirgoPay using local payment methods or directly from crypto wallets, with the ability to choose between multiple fiat currencies. Recipients would reportedly receive payments in their preferred currency once the transfer is complete.
At start, the service will be available across select countries, including the U.S., Canada, Hong Kong, Brazil, and Australia, with more to follow later. Adam Cai, the co-founder and CEO of Virgo Group, noted that Vaulta’s vision about web3 Banking is “aligned very well with Virgo’s vision ‘make crypto great for all’,” adding that leveraging stablecoins for payments “is going to be the first killer application for DLT.”
Read more: EOS crypto rebrands as Vaulta: chart points to quadruple bottom
