The Roxe Payment Protocol's USD/EUR, USD/GBP and USD/PHP liquidity pools will enable cross-border payments at wholesale FX rates
NEW YORK, July 14, 2022 (GLOBE NEWSWIRE) -- Roxe (www.roxe.io/), a blockchain infrastructure company that is powering the next generation of payments and digital commerce solutions, today announced the launch of its Roxe Payment Protocol (RPP) USD/EUR, USD/GBP and USD/PHP (Philippine peso) liquidity pools, which is the world's first set of DeFi liquidity pools that allows its partners to send cross-border payments at wholesale FX rates.
The RPP combines the real-time Bid and Ask FX rates from financial institutions globally. Every minute, Roxe averages the midpoint of the rates, setting a single target FX rate for its partners to utilize. The B2B FX rates free up any capital held by current partners in nostro vostro accounts, eliminating pain points and the reserve requirements currently in place to send cross-border payments to the European Union, the United Kingdom and the Philippines.
"We are thrilled to launch the world's first set of DeFi liquidity pools that provides FX at a wholesale rate, bridging the world of DeFi and TradFi through remittances," said Josh Li, Chief Business Officer of Roxe. "The Philippines' remittance market alone is one of the largest in the world, so this is a huge step forward for cross-border payments and a key moment in the evolution of Roxe's platform. Based on our internal benchmarking analysis, RPP's mid-market FX rates for these three currency pairs are up to 1% better compared with other leading commercial FX services."
Liquidity pools are the backbone of the Roxe Instant Settlement Network (RISN) FX capability and are utilized for each currency pair supported on the platform. With growth through integrations of additional partners, the liquidity pools increase, resulting in greater amounts of send and receive currency pair pools.
Over the past few months, Roxe has ramped up product and partner expansion and recently partnered with GME (Global Money Express), who have integrated Roxe's technology and Roxe Instant Settlement Network (RISN) to generate greater value for their end customers. Roxe was recently shortlisted as a finalist for the Bank for International Settlements (BIS) G20 TechSprint challenge on central bank digital currencies (CBDCs), and has added over 40 partners to its global payment community, including ECS Fin, Axletree Solutions, N2Xpress, Global Money Express, Fairexpay, Rana Express, iPay, and Treviso.
About Roxe
Roxe is a global payment network unlocking the future of finance with fast, flexible and cost-efficient blockchain payment solutions. Roxe's blockchain-enabled network efficiently moves and exchanges value by removing the barriers of time, geography, and currency. Roxe was built to unify the highly fragmented financial market, enabling payment and remittance companies, banks, central banks, and consumers to get the speed and cost savings of blockchain technology, and exchange digital assets without reliance on cryptocurrencies. For more information, visit https://www.roxe.io.
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