Instead, “Axiym connects their existing payment operations to Avalanche behind the scenes using blockchain to automate, move, and manage capital far more efficiently.” “Under the hood, Axiym has built an application that provides credit to global MSBs using stablecoins to power payments — these transactions occur on the Avalanche C-Chain,” Krupetsky said, adding:“This enables real-time cross-border liquidity provisioning that would be difficult or expensive through legacy payment rails or slower blockchains.”Related: Luxury app Dorsia taps MoonPay for crypto paymentsThe case for cross-border payments continues to growRussel told Cointelegraph that Axiym’s clients are primarily licensed payment companies based in major financial centers like the UAE, the United Kingdom and Singapore.
While blockchain offers significant advantages in speed and transparency, regulatory fragmentation has made it harder for the technology to replace legacy payment systems. Axiym is attempting to solve this problem by “embedding blockchain capabilities directly into existing payment operations” using Avalanche, Russel said.
Global cross-border payment platform Axiym is targeting the rising demand from money services businesses (MSBs) for blockchain-based infrastructure and stablecoin solutions for international transactions, the company told Cointelegraph.
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