Zodia Markets and Fireblocks join forces to transform corporate cross-border payments.
Zodia Markets, a UK-based crypto asset exchange and brokerage for institutional clients backed by Standard Chartered, and Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, have today announced a strategic collaboration to address the challenges in correspondent banking and improve corporate cross-border payments by enabling the movement of value across borders using internet-based stablecoins.
“Fiat cross-border payments between many jurisdictions suffer from slow transaction speeds, limited availability during business hours, high costs and a lack of transparency,” shared Nick Philpott Co-founder at Zodia Markets. “Stablecoins enable value transfer using the internet, granting corporate entities the competitive edge the internet provides to other industries today.”
Recognising the need for change, Zodia Markets and Fireblocks will deliver a pioneering solution that leverages Zodia Markets’ efficient digital asset versus FX execution, particularly in emerging markets, and Fireblocks’ enterprise-grade platform for rapid peer-to-peer stablecoin transactions and dynamic payment workflows, enabling corporates to transfer funds more quickly than traditional fiat methods. This integration will streamline Zodia Markets’ electronic execution and settlement for corporates, providing a more comprehensive cross-border value transfer offering.
Richard Astle, VP Business Lead, Fireblocks Network, added, “For some time now, we’ve witnessed a growth in adoption amongst our Network to use stablecoins as a near-instant and cost-effective way to transfer value. As a global enterprise, the expansion to non-USD on/off ramps is also on the rise which makes this collaboration with Zodia Markets not just unique in its value proposition, but also marks the beginning of bringing FX on-chain.”
Nick Philpott emphasised, “Ultimately, this collaboration places control of cross-border payments squarely in the hands of corporate treasurers and CFOs. At a time when the world feels like it is fragmenting, moving cross-border payments to the internet may help bring it back together. We are proud to work with Fireblocks to drive this forward.”
