Nexo, a leading digital assets wealth platform, has joined forces with Sphere, a pioneer in same-day cross-border settlement, to transform the landscape of international business payments.
This strategic partnership is designed to address the pain points associated with traditional cross-border transactions by integrating fast, cost-efficient, and regulatory-compliant blockchain-based settlement solutions, with a particular focus on benefiting businesses operating in regions grappling with inflationary pressures.
By leveraging Sphere’s scalable infrastructure and Nexo’s deep expertise in digital assets, the partnership aims to drastically reduce settlement times from days to mere hours, streamline treasury management processes, and provide businesses with stable, near-instant currency conversion capabilities.
The partnership places a specific emphasis on serving businesses in regions such as Mexico, Brazil, and Argentina, where the adoption of stablecoins is on the rise.
In these markets, Sphere’s technology empowers businesses to effectively manage currency fluctuations, optimize treasury operations, and reduce their reliance on traditional intermediaries.
Through Sphere’s API, businesses, fintech companies, and financial institutions can access efficient, near-instant currency conversion for cross-border payments.
Nexo’s integration with Sphere facilitates faster, more cost-effective cross-border payments for its corporate users.
This collaboration significantly enhances Nexo’s suite of financial services, which already includes personal USD accounts, crypto-backed loans, and interest-earning products.
“At Nexo, we unite traditional and digital assets to build the next generation of wealth,” said Savina Boncheva, Chief Operating Officer at Nexo.
Collaborating with Sphere furthers that goal by giving clients and businesses a faster, more transparent way to move between global currencies and digital assets, all within a compliant framework.
A game-changer for B2B transactions
“With Latin American economies contending with considerable inflation and currency volatility, our alliance with Nexo stands to be a real game-changer,” said Arnold Lee, CEO of Sphere.
By joining forces, we can deliver a secure, streamlined environment for everything from everyday B2B transactions to larger-scale settlements—significantly cutting the time and overhead businesses face.
This tie-up combines Sphere’s cutting-edge infrastructure and Nexo’s digital asset expertise to further modernize business payments.
Businesses today face an array of pain points when sending money abroad: multiple intermediaries, high fees, and settlement times that stretch from three days to a week.
Stablecoins have emerged as a powerful solution to these challenges.
Data shows that stablecoins now comprise up to 75% of all on-chain transaction volume, demonstrating their increasing utility in the digital economy.
Meanwhile, the total market capitalization of USD-pegged stablecoins surpassed $200 billion for the first time in late January, indicating strong demand for stable and efficient payment rails.
The companies will collaborate on a phased implementation of the blockchain infrastructure in select markets and gradually expand, bringing to life a shared vision of streamlined global finance that benefits businesses of all sizes.
Through this strategic partnership, Nexo and Sphere are paving the way for a more efficient, transparent, and accessible global financial system.
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