Nexo and Sphere Join Forces to Revolutionize Global Payments
Nexo, a prominent platform for managing digital assets, has unveiled a groundbreaking collaboration with Sphere, a specialist in cross-border payment solutions. This strategic alliance aims to enhance international business transactions using advanced blockchain technology, as reported on February 27 by Finbold.
Enhancing Cross-Border Transactions
The partnership between Nexo and Sphere is set to transform global business payments, offering faster, more affordable, and compliant blockchain settlement solutions. By leveraging Sphere’s robust infrastructure alongside Nexo’s expertise in digital assets, the partnership plans to drastically cut settlement times from days to mere hours. This will streamline treasury operations and provide businesses with near-instant currency conversion.
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Reducing Forex Risks and Intermediaries
By decreasing settlement durations, Sphere aims to minimize foreign exchange risks and bolster liquidity for businesses. Additionally, the company is committed to reducing dependency on intermediaries, particularly in regions such as Mexico, Brazil, and Argentina, where the adoption of stablecoins is on the rise.
Arnold Lee, CEO of Sphere, emphasized the partnership’s significance in these Latin American markets:
“Faced with inflation and currency instability, our collaboration with Nexo is poised to be transformative. By uniting our strengths, we can offer a secure, streamlined platform for everything from routine B2B transactions to large-scale settlements, substantially reducing time and costs for businesses.”
Moreover, Sphere’s API allows businesses, fintech companies, and traditional financial institutions to access quicker and more cost-efficient international payment solutions.
Expanding Nexo’s Financial Services
This collaboration further augments Nexo’s diverse range of financial offerings, which now includes personal USD accounts, cryptocurrency loans, and interest-earning opportunities.
Transforming Modern Business Payments
Global businesses frequently encounter challenges with international transactions, such as reliance on third-party intermediaries, high transaction fees, and prolonged settlement times. To mitigate these issues, stablecoins have emerged as a viable alternative, now representing a significant portion of on-chain transactions.
Notably, the market capitalization of USD-backed stablecoins exceeded $200 billion in January. In this evolving financial landscape, Nexo and Sphere are committed to gradually implementing and expanding blockchain technology in select markets, ultimately benefiting businesses of all sizes.
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