Roxe has announced its new solution supports over 100 major fiat currency deposits and withdrawals, allowing crypto exchanges to capture new users across the globe.
As member nodes access a permissioned blockchain network, they can settle in seconds and get the cost savings benefits from blockchain without the risk of directly transacting with cryptocurrencies.
Roxe digitizes 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.
Josh Li, chief business officer of Roxe, said: “Crypto exchanges need an easier, less expensive, and faster on/off ramp solution for fiat currencies. 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.”
The Roxe Payment Protocol (RPP) was recently launched to deliver the best available wholesale exchange rates to individuals, payment companies, banks and other financial institutions, using decentralized finance (DeFi) liquidity pools.
RPP is essentially a form of liquidity crowdsourcing that significantly reduces the costs of forex trading. Too many intermediary banks, forex market makers and brokers make today’s FX transactions too expensive, inefficient, and opaque.
Roxe Payment Protocol solves this problem by using an automated market maker (AMM) on a smart contract to execute automatic transactions between digital fiats. Instead of a traditional order book, RPP uses AMM liquidity pools to provide liquidity for faster, less expensive, and more transparent payments.
The Roxe payment network is currently designed to support USD, several major fiat currencies, and fiat from select countries with large payment and remittance markets such as the United Kingdom, European Union, Hong Kong, India, Philippines, Mexico, and Brazil among others.
ROC is the primary digital utility token that fuels the operation of Roxe Chain and the entire Roxe ecosystem. Supernodes like Apifiny, Mercurity Fintech Holding (Nasdaq: MFH), DaoTrust, ECS Fin, and Zero2First provide the computing power to ensure the Roxe Chain network operates efficiently. An overview of the financial and industry benefits and role of Roxe Chain supernodes can be accessed here. Institutions can apply to become a supernode here.