1. BITBILIHome
  2. Article

Paxos Trust company highlights blockchain’s role in swift international remittances

• 167 views

TL;DR Breakdown

  • New York-based Paxos Trust Company underscores the transformative potential of blockchain in speeding up international money transfers.
  • The firm highlights the crucial role of global remittances, especially by expatriates, in the financial ecosystem.
  • The New York Department of Financial Services (NYDFS) has approved Paxos for its innovative financial solutions.

Description

New York’s Paxos Trust Company, a leading stablecoin entity, recently emphasized the potential of blockchain technology in expediting international money transfers. Significantly, the firm pointed out that global remittances, such as expatriates sending money to their home countries, play a pivotal role in the financial ecosystem. Moreover, these funds act as a lifeline, supporting families … Read more

New York’s Paxos Trust Company, a leading stablecoin entity, recently emphasized the potential of blockchain technology in expediting international money transfers. Significantly, the firm pointed out that global remittances, such as expatriates sending money to their home countries, play a pivotal role in the financial ecosystem. Moreover, these funds act as a lifeline, supporting families by covering essential expenses like food, housing, and medical care.

Until a few months ago, Paxos was behind issuing Binance‘s BUSD stablecoin. At that juncture, it ranked as the world’s third-largest stablecoin by market capitalization. Additionally, the company is set to roll out PYUSD, a dollar-tethered stablecoin, in collaboration with PayPal. Consequently, the New York Department of Financial Services (NYDFS) has given its nod to Paxos for its innovative offerings.

In a recent blog post, Paxos shed light on the profound impact of remittances on poverty alleviation and consumption boost. Money sent from overseas, they noted, not only supports families in dire need but also invigorates local economies. Besides, such funds significantly enhance a nation’s economic security and resilience. Remittances can be a beacon of hope in the face of adversities, especially natural disasters.

However, with its inherent delays, the traditional banking system often needs to improve the timely receipt of these funds. This is where blockchain technology steps in. By eliminating these time lags, blockchain ensures recipients receive their funds promptly, especially during unforeseen emergencies. Hence, as Paxos indicates, this immediacy can be a game-changer for many.

Furthermore, the unique technical attributes of blockchain can revolutionize the global remittance landscape. Its immutable and decentralized nature can bolster both security and transparency. By sidelining intermediaries, blockchain might drastically cut down both the time and costs of international transfers.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Paxos Trust company highlights blockchain’s role in swift international remittances

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月24日 21:39
Next 2023年8月24日 22:54

Related articles

  • Crypto industry on edge as Multichain’s safety concerns deepen

    TL;DR Breakdown Concerns concerning Multichain, an important venue for moving assets between blockchains, have crypto industry stakeholders bolstering their defenses. Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with. Multichain’s namesake asset MULTI suffers the consequence of the security bridge. It was trading at $3.8 at press time, a 54% drop from where it was before the crisis of confidence began. Participants in the crypto ecosystem are on high alert as Multichain’s silence fuels worries about the platform’s safety. According to reports, key participants in the crypto industry are fortifying their defenses as worries about Multichain, a major platform for transferring assets between different blockchains, mount. Multichain protocol delay causes token price crash Following a bullish April, May was yet another month of hacks, rug pulls, and exploits, bringing uncertainty back to DeFi. The protocol in question has garnered the most media attention recently. The delayed node upgrade for the cross-chain DeFi protocol had a domino effect and caused a 30% token price crash. While most of the cross-chain routes of Multichain protocol are…

    Article 2023年5月29日

  • Chamber of Digital Commerce unveils the Digital Power Network

    TL;DR Breakdown The Digital Power Network is the latest affiliate of the Chamber of Digital Commerce. The coalition comprises significant players like Argo, BitDigital, and Hive, accounting for over 50% of the U.S. Bitcoin hash rate. Texas Congressman Pete Sessions played a crucial role in DPN’s inception, advocating for Bitcoin Mining’s impact on U.S. energy independence. Description In a recent report by Washington, the Digital Power Network (DPN) emerges as the newest affiliate of the Chamber of Digital Commerce. With roots deeply embedded in the Chamber’s Mining Initiative, this coalition is positioned to give cryptocurrency miners a distinctive voice in the nation’s capital. DPN is no fledgling venture, boasting an impressive inaugural … Read more In a recent report by Washington, the Digital Power Network (DPN) emerges as the newest affiliate of the Chamber of Digital Commerce. With roots deeply embedded in the Chamber’s Mining Initiative, this coalition is positioned to give cryptocurrency miners a distinctive voice in the nation’s capital. DPN is no fledgling venture, boasting an impressive inaugural roster. It’s making waves with members such as Argo, BitDigital,…

    Article 2023年9月20日

  • Vitalik Buterin calls DFINITY Ethereum’s sister network – EDCON 2023

    TL;DR Breakdown Vitalik Buterin, co-founder of Ethereum, emphasized the close functionality between Ethereum and DFINITY by referring to DFINITY as Ethereum’s sister network. Buterin’s statement suggests that Ethereum and DFINITY are designed to work together and complement each other. While Ethereum remains a leading blockchain platform, DFINITY offers unique features and capabilities that enhance the overall blockchain ecosystem. The mention of DFINITY as Ethereum’s sister network highlights the importance of scalability for blockchain networks. Both Ethereum and DFINITY are actively working on scaling solutions to address the limitations of current blockchain technology and enable mass adoption. During the EDCON 2023 conference, Vitalik Buterin called the The Internet Computernetwork Ethereum’s sister network refuting competition claims. In the world of blockchain technology and crypto, Ethereum has emerged as a prominent player, revolutionizing the way we think about decentralized applications and smart contracts.  However, another platform has recently gained significant attention in the crypto community, positioning itself as Ethereum’s sister network: the DFINITY project. DFINITY is a groundbreaking blockchain platform that aims to provide a highly scalable and efficient decentralized computing network. Created…

    Article 2023年5月26日

  • Changzhou’s cashless revolution: $700k in digital yuan tokens & coupons await

    TL;DR Breakdown Changzhou, China, is launching a citywide shopping festival to promote digital yuan adoption. The festival will distribute 700,000 digital yuan tokens and coupons to residents and visitors. The giveaways encourage locals to embrace the digital yuan and its benefits. Description Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of … Read more Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of luck and tradition into the celebrations, Changzhou will adopt a familiar concept: the “lucky red envelopes.” Historically associated with offline Christmas gifts, these digital counterparts…

    Article 2023年7月18日

  • Iran joins China and Russia’s SCO – Details

    TL;DR Breakdown Iran has become a full member of the Shanghai Cooperation Organisation (SCO), an economic and security bloc led by Russia and China. This development signals a major shift in international relations, positioning SCO as a strong counterweight to Western-led bodies. The SCO, covering about 60% of Eurasia and 40% of the world population, continues to expand its influence. Description In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies … Read more In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies a deepening change in the global…

    Article 2023年7月6日
TOP