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Roxe adds on and off fiat ramp for digital asset exchanges

Source: Roxe

Roxe, a next-generation global payment network, today announced its on and off ramp fiat solution for digital asset exchanges.

Business and individual customers of any crypto exchange can now make faster and less expensive fiat deposits and withdrawals using the Roxe network. The new solution supports over 100 major fiat currency deposits and withdrawals, solving a key problem and allowing crypto exchanges to capture new users across the globe.

Roxe's technology allows member nodes to access a permissioned blockchain network so they can settle in seconds instead of days. Roxe members can also get the cost savings benefits from blockchain without the risk of directly transacting with cryptocurrencies.

Unlike previous approaches that attempted to enable clearing and settlement via the use of one digital asset, Roxe uses a wide range of currencies -- by digitizing currency as “Smart Ownership Records” backed by actual fiat currency in a bank. Smart Ownership Records are digitized currency with digital payment instructions (e.g., roUSD, roGBP, roHKD, etc) for Roxe members to quickly transfer fiat currency, reducing the number of transactions and therefore, saving significant costs.

“Crypto exchanges need an easier, less expensive, and faster on/off ramp solution for fiat currencies,” said Josh Li, chief business officer of Roxe. “Today, we’re continuing our global expansion by offering this solution to help crypto exchanges acquire new global users. The Roxe network enables crypto exchange business and individual users to remove barriers of time, geography, and currency so that financial value can move more reliably, as fast as other information moves across the Internet, and at much lower costs anywhere in the world.”

Earlier this month, Roxe announced the official debut of Roxe Payment Protocol (RPP), an open, decentralized and peer-to-peer payments protocol designed to deliver the best available wholesale exchange rates to individuals, payment companies, banks and other financial institutions. RPP uses a key innovation -- decentralized finance (DeFi) liquidity pools -- to deliver among the least expensive, fastest, and most transparent foreign exchange (FX) rates and cross-border payments. RPP is essentially a form of liquidity crowdsourcing that significantly reduces the costs of forex trading.

Today’s news adds to Roxe’s recent momentum from other customer signings, including IPAY, a global online money transfer provider; Fairexpay, a global aggregator platform for cross-border payments; ECS Fin, a global bank infrastructure provider; Onchain Custodian, a leading crypto custody player in Asia; N2Xpress, a fast-growing, global remittance company; BuyUCoin, a leading digital asset exchange, and Aberdeen Capital Group, a business consulting firm that provides cross-border payment services.

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