Web3 banking platform Vaulta (prev. EOS Network) has announced a strategic partnership with Canadian crypto exchange and managing platform VirgoCX Global Holdings to launch the dedicated cross-border remittance network VirgoPay.
The new network will use stablecoins to lower transfer fees and transfer times for international wire transfers and payments. Users will be able to add funds using bank transfers, e-transfers, credit cards, and crypto wallets. They can also select from a range of fiat currencies, USDC, or USDT.
Therefore, the collaboration will enable Vaulta’s layer-1 chain’s users to directly access cross-border payments through VirgoPay.
Per the press release shared with Cryptonews, the team plans to launch VirgoPay in May. Vaulta will be the default transaction and settlement layer for VirgoPay. It will provide the new network with near-instant finality.
Furthermore, users can track the status of their payment in real time. Once they receive the funds, the recipients will be able to access them via their preferred currency.
The team claims that this method reduces cross-border transaction fees by up to 70%. Additionally, it lowers the speed of transactions to minutes.
Finally, utilizing stablecoins for this approach boosts protection against local currency fluctuations, while the blockchain technology provides additional security and transparency.
Virgo CEO Adam Cai commented that both Vaulta and Virgo want to “make crypto great for all” as the money moves freely on a global level. He added that leveraging stablecoins for payments will be “the first killer application for DLT.”
Global Payments Expansion in Two Phases
VirgoPay will roll out in phases. The first phase will connect a number of financial hubs globally. These include the US, Hong Kong, Canada, Argentina, Brazil, and Australia.
The second phase will expand the VirgoPay network into other countries in South America, Southeast Asia, and the Middle East. The goal is to “capitalize on the growing remittance market that is projected to reach over $1 trillion by 2029,” the press release says.
Also, the Vaulta team says it plans to integrate additional features and financial services through “a host of strategic partnerships” in the near future.
The partners will announce the official VirgoPay launch date and details on the integration with Vaulta’s Banking OS in the coming weeks.
“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,” says Yves La Rose, Founder and CEO of Vaulta.
To solve this issue, the CEO adds, Virgo leverages stablecoins and proof-of-concept “for our chain’s new focus around the evolution of finance.”
Virgo has processed over CAD $2.5 billion (USD $1.76 billion) in transactions across all business lines, according to the press release. It expects to process an annual record of CAD$ 3.5 billion (USD $2.46 billion) in transactions in 2025.
Meanwhile, at the time of writing EOS is down 2.4% in a day, currently trading at $0.8027.
It has increased by 36.4% in a week and 49% in a month. The price has decreased by 20% in a year.
EOS hit its all-time high of $22.71 in April 2018, falling 96.5% since.
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