- The alliance aims to improve international business payments, especially for companies operating in regions with high inflation.
- This partnership further modernizes company payments by fusing Nexo’s knowledge of digital assets with Sphere’s state-of-the-art infrastructure.
A strategic alliance between Nexo, a leading digital assets wealth platform, and Sphere, a pioneer in same-day cross-border settlement, has been announced. By incorporating quick, affordable, and regulatory compliant blockchain-based settlement solutions, the alliance aims to improve international business payments, especially for companies operating in regions with high inflation. The partnership uses Nexo’s knowledge of digital assets and Sphere’s scalable infrastructure to cut settlement times from days to hours, simplify treasury administration, and provide companies reliable, almost instantaneous currency conversion.
A tech-driven business, Sphere is committed to improving international payments. Businesses may settle transactions in hours using Sphere’s effective, scalable combination of programmatic bank messaging and regulatory compliance, which lowers expenses and simplifies operations.
The collaboration is focused on:
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Near-instant settlement
Businesses may lower FX risk and increase liquidity by using Sphere’s scalable infrastructure, which reduces settlement times from days to hours. Sphere helps companies manage currency volatility, streamline treasury processes, and lessen dependency on intermediaries in stablecoin adoption hotspots like Mexico, Brazil, and Argentina. Businesses, fintechs, and financial institutions may obtain effective, almost instantaneous currency conversion for cross-border payments with Sphere’s API. -
Smoother transactions
Corporate users may now make cross-border payments more quickly and affordably thanks to Nexo’s integration with Sphere. Nexo’s range of financial services, which includes interest-earning products, cryptocurrency-backed loans, and personal USD accounts, is improved by this partnership.
Savina Boncheva, Chief Operating Officer at Nexo stated:
“At Nexo, we unite traditional and digital assets to build the next generation of wealth. Collaborating with Sphere furthers that goal by giving clients and businesses a faster, more transparent way to move between global currencies and digital assets, all within a compliant framework.”
Arnold Lee, CEO of Sphere stated:
“With Latin American economies contending with considerable inflation and currency volatility, our alliance with Nexo stands to be a real game-changer. By joining forces, we can deliver a secure, streamlined environment for everything from everyday B2B transactions to larger-scale settlements—significantly cutting the time and overhead businesses face.”
Addressing industry challenges
This partnership further modernizes company payments by fusing Nexo’s knowledge of digital assets with Sphere’s state-of-the-art infrastructure. When transferring money overseas, businesses now deal with a number of challenges, including many intermediaries, exorbitant fees, and settlement timeframes that range from three days to a week.
As a result of their rise to prominence, stablecoins currently account for up to 75% of all on-chain transactions. A strong need for reliable and effective payment rails is shown by the fact that, in late January, the total market valuation of USD-pegged stablecoins crossed $200 billion for the first time.
Looking towards scalable cross-border transactions
To realize a common goal of simplified global finance that helps enterprises of all sizes, the companies will work together to establish the blockchain infrastructure in a few regions at first, then progressively expand.
