Axiym’s global cross-border payment platform targets rising demand from businesses (MSB) for blockchain-based infrastructure and Stablecoin solutions for international transactions, the company told Cointelegraph.
The headquartered in Dubai, the United Arab Emirates, Axiym was disclosed on April 24 that it processed more than $ 132 million in combined with the avalanche blockchain.
The platform uses Avalanche to deliver real-time credit and liquidity infrastructure to MSBs worldwide.
MSBs – an extensive category that includes money transmitters such as Western Union, money exchange, crypto platforms, fintech firms, and checks of cashers – embrace these innovations, Morgan Krupetsky, head of institutions and capital markets on AVA labs, told cointelegraph.
In the Axiyym case, “MSBs themselves do not operate onchain,” Axiyym CEO Khibar Russel told Cointelegraph. Instead, “Axiym connects their existing avalanche payment operations behind the scenes using blockchain to automatically, move, and manage capital better.”
“Under the hood, Axiyym has built an application that provides credit to global MSBs using stablecoins to power payments-these transactions occur in Avalanche C-chain,” said Krapetsky, added:
“It allows the provision of real-time allocation of liquid cross-border that will be difficult or expensive by legacy payment railroads or slower blockchains.”
Related: Luxury App Dorsia has tapped Moonpay for crypto payments
The case for cross-border payments continues to grow
Russel told Cointelegraph that Axiym clients are primarily licensed payment companies based on major financial centers such as the UAE, the United Kingdom and Singapore. However, users of these companies often send funds to major remittance hubs throughout Asia, Africa and Latin America, he said.
Axiym’s platform was developed to meet many of the traditional disease points Cross-border payments.
While the blockchain offers significant benefits to speed and transparency, fragmentation of regulation has become more difficult for technology to replace legacy payment systems.
Axiyym is trying to solve this problem by “geming of blockchain capabilities directly to existing payment operations” using avalanche, Russel said.
Based on the blockchain Stablecoins became a major tool For low cost, good cross-border payments, which explains why these fiat-pegged assets get traction in the emerging markets.
A 2024 chainalysis report showed that stablecoin remittances from sub-Saharan Africa were 60% cheaper than the traditional Fiat railroad.
Number Cointelegraph recently reportedBlockchain company Ripple cooperated with the African Payment Infrastructure Provider Chipper Cash to support transactions in cross-border crypto.
Meanwhile, crypto-oriented startups also get traction in venture capital circles, along with Tether-backed Mansa Recently closed a $ 10 million funding of funding To expand Stablecoin cross-border payment services.
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