Ex-EOS Network Vaulta teams up with Canadian crypto exchange VirgoCX to power stablecoin transfers

Vaulta, formerly EOS Network, is associated with Virgocx to launch a new network of cross -border payments powered by stablesCoindes as the first major deployment of its web3 banking system.

Vaulta, the blockchain ecosystem that recently renamed EOS networkconcluded a strategic partnership with canadian Crypto Exchange Virgocx to launch a new network of funds powered by Stablecoin called Virgopay.

According to a press release shared with Crypto.News, the new company created jointly will use the Vaulta blockchain as a default transaction and settlement layer. The service should be put online in May and aims to reduce the cost and time of international payments using stalins instead of traditional banking rails.

“In addition to being very expensive and slow, cross -border payments have always supported access to traditional banks or financial institutions, which is often not an option in the areas that lack this necessary and widely available infrastructure.”

Yves La Rose, founder and CEO of Vaulta

According to the press release, users can send funds via Virgopay using local payment methods or directly from cryptographic wallets, with the possibility of choosing between several fiduciary currencies. The recipients would have received payments in their favorite currency once the transfer is completed.

At first, the service will be available in some countries, including the United States, Canada, Hong Kong, Brazil and Australia, with more followed later. Adam Cai, the co-founder and CEO of Virgo Group, noted that Vaulta’s vision on the web3 bank is “very well aligned with Virgo’s vision” Making Crypto for all “”, adding that taking advantage of the stablescoins for payments “will be the first killer application for the DLT.”