Crypto Cross-Border Payments

How do crypto cross-border payments work?

These transactions are completed using the blockchain which eliminates the need for banks, who often slow payments down significantly.

What advantages does Crypto offer over Fiat?

  • It is cheaper and faster than using bank accounts.
  • There is a lot of enthusiasm surrounding the fact that crypto could transform cross-border payments as we know it which would make remittances, where people in foreign countries send funds to family or friends back home, a lot less expensive.
  • Currently, from research, we can roughly estimate that remittances sent through fiat channels result in average fees of 6.75%. For someone on a modest income, this can take a substantial chunk out of their earnings.
  • According to figures from Deloitte, Blockchain has the potential to reduce transaction costs by 40% to 80%.
  • Currently, it can take three to five business days for funds to clear through old-fashioned wire networks which is not ideal. But on certain blockchains, it is possible for payments to be confirmed in seconds.

How much money is sent around the world using crypto?

Digital assets have a decent market share of overall cross-border payments, but the demand is growing, and so at a rapid pace.

How can you easily and securely exchange cryptocurrencies?

By using a platform like Vertex that has a carefully refined process where buying and selling digital assets are safe.

Vertex Market is a P2P Cryptocurrency marketplace created by a team of crypto enthusiasts trying to solve one of the biggest hurdles in the crypto world.