Roxe, a next-generation global payment network, today announced that BuyUcoin, a leading digital asset exchange platform, will begin a pilot program as a Roxe payment node for blockchain-based remittance products and services in India.
The Roxe network is designed to save financial institutions significant time and costs by using blockchain technology to provide fast, inexpensive, and highly reliable clearing and cross-border settlement of payments and remittances.
As traditional and digital financial institutions increasingly embrace blockchain, the news shows continued momentum in the integration of traditional finance with decentralized technologies. The Roxe network is designed to save financial institutions significant time and costs by using blockchain technology to provide highly reliable, secure, and real-time clearing and cross-border settlement of payments and remittances, traditional assets, and digital assets.
“The US to India is a large remittance growth market as we continue our global expansion and lead the payments industry shift from a traditional account model to a new blockchain-powered paradigm,” said Haohan Xu, chief executive officer of Roxe. “Today’s international payment and remittance systems are too slow, too expensive, and too unreliable. Our partnership with BuyUcoin can enable Roxe customers to send remittances much faster, cheaper, and more reliably to India.”
“Our partnership with Roxe reflects our focus and innovation in providing the easiest, fastest, and most cost-effective products and services to all of our customers,” said Shivam Thakral, chief executive officer and co-founder of BuyUcoin. “We’re on a mission to bring digital assets to millions in India. We believe that our partnership with Roxe will be the next major milestone to advance further on our team’s vision.”
Roxe's technology allows member nodes to access a permission blockchain network so they can settle in seconds instead of days. Unlike previous approaches that attempted to enable clearing and settlement via the use of one digital asset, Roxe member nodes can transfer and settle many different assets and asset classes. The Roxe network is currently designed to support USD, several major fiat currencies, and fiat from select countries with large remittance markets such as Nigeria, Egypt, Turkey, India, Philippines, Mexico, and Brazil.