According to Foresight News, Web3 bank operating system Vaulta (formerly EOS Network) has announced a strategic partnership with comprehensive digital asset service VirgoCX Global Holdings (referred to as Virgo), set to launch a dedicated cross-border remittance network called VirgoPay in May, using stablecoins to reduce transfer fees and decrease transfer times for international wire transfers and payments. This collaboration will make Vaulta the default transaction and settlement layer for VirgoPay.
The VirgoPay service will allow users to use traditional local payment channels (such as bank transfers, electronic transfers, and credit card processing) or directly top up from crypto wallets, and enable users to choose from multiple fiat currencies. After initialization, users can track payment status in real-time, and recipients can obtain funds in their preferred currency after the transaction is completed. Vaulta stated, "This approach aims to reduce cross-border transaction fees by up to 70%, while allowing transactions to be completed within minutes, compared to traditional remittance services that take several days."
