Vaulta and Virgo announce strategic partnership to establish VirgoPay cross-border payment solution.

Vaulta is a scalable operating system that provides fast, convenient transactions and seamless blockchain connectivity for Web3 banking. Today, Vaulta announced a strategic partnership with the leading global comprehensive digital asset service, VirgoCX Global Holdings (referred to as Virgo), to launch a dedicated cross-border remittance network called VirgoPay. VirgoPay will use stablecoins to reduce transfer fees and decrease the transfer time for international wire transfers and payments.

This partnership will make Vaulta the default transaction and settlement layer for VirgoPay, which will launch in May and become an integral part of Vaulta's Web3 banking vision. VirgoPay will benefit from Vaulta's blockchain's near-instant finality, ensuring the security, speed, and reliability of the payment network surpass more traditional payment methods.

Yves La Rose, Founder and CEO of the Vaulta Foundation, stated: "In addition to being costly and slow, cross-border payments have always relied on traditional banks or financial institutions, which are often not an option in regions lacking the necessary and widely available infrastructure. Virgo is harnessing the power of stablecoins to directly address this issue, making it the first true proof of concept of our blockchain's new focus on financial development. The VirgoPay network is the first proof of this concept within the Vaulta Banking OS framework, which our team has iteratively perfected over many years, and it is the first step towards realizing our Web3 Banking vision."

The VirgoPay service will allow users to use traditional local payment channels (such as bank transfers, electronic transfers, and credit card processing) or directly recharge from a cryptocurrency wallet, and will enable users to choose from various fiat currencies. Once initiated, users can track payment status in real-time, and recipients can receive funds in their preferred currency upon transaction completion.

This approach aims to reduce cross-border transaction costs by up to 70%, allowing transactions to be completed within minutes, compared to several days required by traditional remittance services. Furthermore, using stablecoins can provide users with protection against local currency value fluctuations. Additionally, leveraging blockchain technology can offer added security and transparency.

Adam Cai, CEO of Virgo, said, "Vaulta's vision of Web3 banking aligns well with Virgo's vision of 'crypto for all.' Using stablecoins for payments will be the first killer application of distributed ledger technology. VirgoPay is excited to partner with Vaulta to achieve the global mission of 'enabling funds to flow freely and easily.'"

The first phase of VirgoPay's launch will involve establishing connections with multiple global financial centers, including the United States, Hong Kong, Canada, Argentina, Brazil, and Australia. The second phase will expand the VirgoPay network to other countries in South America, Southeast Asia, and the Middle East, aiming to tap into the growing remittance market, which is expected to surpass $1 trillion by 2029.

Virgo is a seasoned digital asset solutions expert behind VirgoPay and is one of the leading cryptocurrency service providers in Canada, with rapid business expansion in the United States and Australia. The company has processed over $25 billion CAD in transaction volume across all its business lines. By 2025, the company anticipates its annual transaction volume to reach a record-breaking $35 billion CAD, indicating exponential growth in its global user base and further mainstream adoption of cryptographic technology.

In addition to using Vaulta's native chain as the default settlement layer for transactions, this collaboration will also provide a direct pathway for users of the chain to seamlessly conduct cross-border payments through VirgoPay. Recently rebranded from the EOS Network, the Vaulta team plans to integrate more functionalities and financial services through a series of strategic partnerships, which will be announced in the near future.

More detailed information about the official release date of VirgoPay, as well as how the product will integrate directly with Vaulta's banking operating system, will be announced in the coming weeks.

About Vaulta

Vaulta is a highly scalable, high-performance banking operating system designed to offer developers and enterprises unparalleled speed, reliability, and flexibility. As a gateway to the Bitcoin ecosystem and a pioneer in decentralized data management through the RAM market, Vaulta is redefining financial infrastructure by combining Web3 banking with institutional-grade performance. Built on a dynamically flexible infrastructure supporting custom virtual environments like Vaulta EVM and exSat, Vaulta provides full data availability and seamless inter-blockchain communication. With zero downtime, instant finality, and one of the lowest transaction costs in the market, Vaulta is ushering in the next financial frontier—Web3 banking.

About Virgo

Virgo is a global integrated digital asset solutions provider with multiple OTC trading desks and retail trading services operating in the Asia-Pacific region and North America, along with a fully regulated Canadian digital asset management firm. Virgo's mission is to bridge the gap between digital currency and traditional financial services through a full suite of innovative products and customer-centric services tailored to financial institutions, high-net-worth individuals, retail users, and family offices.

This article is a contributed piece and does not represent the views of BlockBeats

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