If you take blockchain and cryptocurrencies out of the picture, cross-border payments are quite complicated. However, things have been changing lately as users have started to use cryptocurrencies to transact between borders. And now, we have a fintech firm Stablecorp that will make cross-border payments even easier. They aim to provide investors with a banking experience without needing a bank.
The largest cryptocurrency asset manager in Canada, 3iQ, and a pioneer in blockchain development, Mavennet Systems, established Canada Stablecorp Inc. It develops blockchain technology that is suitable for banks. The first big Canadian-dollar stablecoin ever created for the mainstream market, QCAD, was Stablecorp’s initial product launch.
Six businesses, including Side Door Ventures and Genesis, spearheaded a seed investment round in which Stablecorp raised $1.5 million in April. Currently, Stablecorp is worth more than $5 million, according to McDougall.
In the Investing in Digital Enterprises and Assets Summit, Alex McDougall talked about how they want to offer a bank-like experience without needing a bank. Stablecorp looked to do this when they found problems with the traditional banking system and saw this as the next logical step in evolution. The company aims to ensure smooth cross-border payments of on-chain commerce.
They are partnering with other companies to make this possible. Right now, they are only working with US companies that include Circle and Stellar Development foundation. But pretty soon, we can expect them to expand this partnership and work with more companies.
Three parts of Stablecorp
The first part of the company is Grapes Finance which is the consumer-facing side and enables users to swap fiat currencies for stablecoins. Secondly, we have the yield service tool that lets users and companies lend and borrow data regarding digital assets. And lastly, Stablecorp offers Forge, a software that allows firms to gain the ability to track and check crypto deposits.
Cross-border payments are a huge market, and tapping into the same with blockchain could be big for Stablecorp. However, it won’t be easy, as there is the possibility of regulatory trouble and other technological roadblocks.
What are your thoughts as Stablecorp says it will make cross-border payments easier? And do you think it has the potential to do that? Let us know in the comment below. And, if you found our content informative, share it with your family and friends.