Web3 banking firm Vaulta has announced a strategic partnership with digital asset provider VirgoCX Global Holdings to launch VirgoPay.
VirgoPay will be a cross-border remittance network that integrates stablecoins to reduce transfer fees and speed up transactions.
Set to launch in May, VirgoPay will use Vaulta as its default settlement layer, enhancing the reliability and efficiency of international payments, according to a release shared with crypto.news.
VirgoPay will allow users to fund transfers through traditional payment methods—such as bank transfers, e-transfers, and card processing—or directly via crypto wallets.
Stablecoins will serve as an intermediary, enabling near-instant transactions and reducing fees by up to 70% compared to traditional remittance services.
“Cross-border payments remain costly and slow, often requiring access to banks that some regions lack,” said Yves La Rose, CEO of Vaulta Foundation. “Virgo is addressing this by leveraging stablecoins and demonstrating the power of Vaulta’s Web3 Banking OS.”
Financial accessibility via stablecoins
The partnership aligns with Virgo’s mission to improve financial accessibility.
“Stablecoins for payments will be the first killer app for distributed ledger technology,” said Adam Cai, CEO of Virgo. “VirgoPay is excited to partner with Vaulta to make global money movement seamless.”
Phase one of VirgoPay’s rollout will connect financial hubs in the U.S., Canada, Hong Kong, Argentina, Brazil, and Australia.
A second phase will expand the network into South America, Southeast Asia, and the Middle East, targeting the $1 trillion remittance market projected by 2029.
Vaulta, formerly EOS Network, continues to expand its financial infrastructure solutions, with additional partnerships expected to be announced soon.
Read the full article here