Web3 Banking Innovator Vaulta Teams Up with VirgoCX for VirgoPay Launch
Web3 banking firm Vaulta has teamed up with digital asset provider VirgoCX Global Holdings to introduce VirgoPay. This new cross-border remittance network aims to revolutionize international payments by integrating stablecoins.
Set to launch in May, VirgoPay will use Vaulta as its default settlement layer. This collaboration will enhance the speed adn reliability of global transactions. According to a statement shared with crypto.news, VirgoPay will allow users to fund transfers through various methods, including bank transfers, e-transfers, card processing, or directly via crypto wallets.
Stablecoins will act as intermediaries, enabling near-instant transactions and slashing fees by up to 70% compared to traditional services. Yves La Rose, CEO of Vaulta Foundation, noted, “Cross-border payments are frequently enough costly and slow. VirgoPay addresses this by leveraging stablecoins and showcasing the power of Vaulta’s Web3 Banking OS.”
VirgoPay aligns with Virgo’s goal of improving financial accessibility. Adam Cai, CEO of Virgo, stated, “Stablecoins for payments will be the first major request of distributed ledger technology. VirgoPay is thrilled to partner with Vaulta to make global money movement seamless.”
Phase one of VirgoPay will connect financial hubs in the U.S., Canada, Hong Kong, Argentina, Brazil, and Australia. the second phase will expand into South America, Southeast Asia, and the Middle East, targeting the $1 trillion remittance market by 2029.
Vaulta, formerly EOS Network, continues to expand its financial infrastructure solutions. More partnerships are expected to be announced soon.
