Vaulta, formerly known as EOS Network, has recently announced a strategic partnership with Canadian crypto exchange and managing platform VirgoCX Global Holdings to introduce the dedicated cross-border remittance network called VirgoPay. This new network aims to leverage stablecoins in order to reduce transfer fees and transfer times for international wire transfers and payments. Users will have the ability to add funds using various methods such as bank transfers, e-transfers, credit cards, and crypto wallets, and can choose from a range of fiat currencies, USDC, or USDT.
Through this collaboration, Vaulta’s layer-1 chain users will have direct access to cross-border payments via VirgoPay. The team plans to launch VirgoPay in May, with Vaulta serving as the default transaction and settlement layer for the network, providing near-instant finality. Users will be able to track the status of their payments in real-time, and recipients can access the funds in their preferred currency upon receipt.
According to the team, this approach can potentially reduce cross-border transaction fees by up to 70% and significantly shorten transaction times to mere minutes. By utilizing stablecoins, the network aims to mitigate risks associated with local currency fluctuations, while blockchain technology provides enhanced security and transparency.
Adam Cai, CEO of Virgo, expressed excitement about the partnership, emphasizing the goal to make crypto accessible on a global scale. He believes that leveraging stablecoins for payments will be a game-changer for distributed ledger technology.
The rollout of VirgoPay will occur in two phases, with the first phase connecting financial hubs in the US, Hong Kong, Canada, Argentina, Brazil, and Australia. The second phase will expand the network to other countries in South America, Southeast Asia, and the Middle East to tap into the growing remittance market, projected to reach over $1 trillion by 2029.
Additionally, Vaulta plans to integrate additional features and financial services through strategic partnerships in the near future. The official launch date of VirgoPay and details on its integration with Vaulta’s Banking OS will be announced soon.
Yves La Rose, Founder and CEO of Vaulta, highlighted the inefficiencies of traditional cross-border payments and the need for accessible infrastructure. By leveraging stablecoins and proof-of-concept, Virgo aims to revolutionize the evolution of finance. The press release also revealed that Virgo has processed over CAD $2.5 billion in transactions and expects to reach a record of CAD$ 3.5 billion in 2025.
As of the latest update, EOS is trading at $0.8027, down 2.4% in a day but showing significant gains over the week and month. The price has decreased by 20% in a year from its all-time high of $22.71 in April 2018.
In conclusion, the partnership between Vaulta and Virgo to launch VirgoPay signifies a significant step towards transforming cross-border payments through innovative technology and collaboration. Stay tuned for more updates on this exciting development in the world of cryptocurrency and finance.