Vaulta, which was previously known as EOS Network, has partnered with VirgoCX to introduce a new network for cross-border payments powered by stablecoins, marking the initial key deployment of its Web3 Banking OS.
The rebranded blockchain ecosystem, Vaulta, has formed a strategic alliance with Canadian cryptocurrency exchange VirgoCX to establish a new remittance service known as VirgoPay, enhanced by stablecoin technology.
According to an announcement shared with the media, the newly formed project will utilize Vaulta’s blockchain as the default layer for transactions and settlements. This service is expected to launch in May, with the goal of lowering both the costs and the time needed for international payments by utilizing stablecoins rather than conventional banking systems.
“Cross-border payments have long been not only expensive and sluggish but also heavily reliant on traditional banks or financial institutions, which can often be unavailable in regions that lack the necessary infrastructure.”
Yves La Rose, founder and CEO of Vaulta
According to the announcement, users will be able to send money through VirgoPay using local payment methods or directly from cryptocurrency wallets, while having the option to select from various fiat currencies. Recipients are said to get their payments in the currency of their choice once the transaction is completed.
Initially, the service will be launched in selected regions, including the U.S., Canada, Hong Kong, Brazil, and Australia, with plans for expansion in the future. Adam Cai, co-founder and CEO of Virgo Group, mentioned that Vaulta’s vision for web3 Banking aligns perfectly with Virgo’s commitment to “make crypto great for all,” adding that the use of stablecoins for payments “will likely become the first transformative application for distributed ledger technology.”