#Canada #Vancouver #Vaulta #VirgoPay #VirgoCX

Vaulta and Virgo Join Forces for VirgoPay

In an exciting development in the world of digital finance, Vaulta has announced a strategic partnership with VirgoCX Global Holdings to launch a pioneering cross-border payment network named VirgoPay. This venture is set to significantly reshape the landscape of international transactions, using both conventional fiat currency transfers and contemporary stablecoin solutions. Scheduled for launch in May, VirgoPay aims to make international money transfers faster, cheaper, and more accessible.

About the Partnership

Vaulta, well-known for its scalable web3 banking operating system, will serve as the default transaction and settlement layer for VirgoPay. This partnership is seen as a key step in Vaulta’s broader vision of creating a robust framework for web3 banking, with promises of exceptional speed, reliability, and security.

Yves La Rose, the founder and CEO of Vaulta, commented on the challenges posed by traditional banking systems, particularly for regions with inadequate financial infrastructure. He highlighted that Virgo's initiative to leverage stablecoins intends to tackle these issues directly. The VirgoPay system is anticipated to provide a fresh alternative to the lengthy processing times and high costs associated with conventional banking methods.

How VirgoPay Works

VirgoPay allows users to add money using various local payment methods, including bank transfers and credit cards, or directly from cryptocurrency wallets. Users have the option to choose from a selection of fiat currencies and will be able to track their transactions in real-time. Once completed, recipients can access their funds in their preferred currency through the standard banking systems.

Thanks to its unique structure, VirgoPay is projected to reduce cross-border transaction fees by as much as 70%, while processing payments within minutes—significantly quicker than traditional remittance services, which often take several days. Moreover, the use of stablecoins adds an important layer of security against local currency fluctuations, supported by the transparency of blockchain technology.

Future Outlook

The VirgoPay network's initial launch phase aims to connect major financial hubs, including the U.S., Hong Kong, Canada, Argentina, Brazil, and Australia. Subsequent phases will extend its outreach to additional territories, including South America, Southeast Asia, and the Middle East, which will capitalize on an expanding remittance market that anticipates exceeding $1 trillion by 2029.

Adam Cai, CEO of Virgo, emphasized the alignment of their goals with those of Vaulta, reinforcing the view that utilizing stablecoins for payments is a groundbreaking application of Distributed Ledger Technology (DLT). The partnership will facilitate an easier and freer flow of money across borders, contributing to Virgo's mission of making cryptocurrencies more accessible and user-friendly.

Vaulta's Role in Financial Evolution

Vaulta, which recently transitioned from the EOS Network branding, is focused on redefining financial infrastructure by merging web3 banking innovations with high-performance features. Through their work with Virgo, they not only aim to establish a new benchmark in remittance transfers but also plan to integrate additional functionalities that align with future financial service trends.

With Virgo's expertise in digital asset solutions, bolstered by their track record in Canada and its growing operations across the U.S. and Australia, both companies are on track to support increasing commercial adoption of cryptocurrencies. They expect to process a projected CAD$ 3.5 billion in transactions for 2025, further solidifying their position in the digital finance landscape.

In summary, the VirgoPay initiative through its strategic partnership with Vaulta represents a significant milestone towards modernization in the realm of global payments, indicating a clear trend towards more efficient, secure, and cost-effective financial transactions that could benefit users worldwide.

Stay tuned for more updates regarding the official launch date of VirgoPay and further information on how Vaulta's system will integrate with it in the coming weeks.