- Roxe, which is a global payments network, has revealed its new on and off ramp fiat deposit and withdrawal service for crypto payments – marking a big move towards more efficiency for exchanges and users.
- Any exchange can participate in the new service, which is expected to be able to bring down the times of transactions to under a minute rather than taking days.
- Commenting on the new service, a senior figure at the firm said that the company was in the process of “continuing our global expansion by offering this solution to help crypto exchanges acquire new global users”.
A leading global payments network has confirmed that it will add an on and off ramp fiat service for digital and cryptocurrency payments.
Roxe will allow either corporate or individual users of any cryptocurrency exchange to use its network for the purpose of cash transactions.
Users will be able to either deposit or withdraw fiat money on various major networks – which will give cryptocurrency exchange providers the chance to boost their customer numbers.
According to a statement, Roxe allows what it calls “member nodes” to go into a blockchain network that is permissioned.
This in turn allows settlement to take place in under a minute rather than having to wait for several days.
The service does not rely on any specific crypto or digital asset either.
Instead, it relies on a range of currencies that have been made digital-friendly using ‘Smart Ownership Records’.
This innovative approach also allows for the online money transfers made in this context to bring down costs.
In a statement, a senior figure at the company shed more light on the pain point being experienced by crypto exchanges – and their customers.
Josh Li, who is Roxe’s chief business officer, said that the issue focused in large part on ease, money and speed.
“Crypto exchanges need an easier, less expensive, and faster on/off ramp solution for fiat currencies,” he said.
“Today, we’re continuing our global expansion by offering this solution to help crypto exchanges acquire new global users.”
He went on to say that the Roxe network wanted to use its power to bring down hurdles relating to geography and time as part of its mission to aid on and off fiat ramp procedures.
“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,” he explained.
The company also took the opportunity to emphasise in its press release that it had just released a peer-to-peer payments system that had the aim of bringing down wholesale exchange rates.
“Earlier this month, Roxe announced the official debut of Roxe Payment Protocol (RPP), an open, decentralized and peer-to-peer payments protocol designed to deliver the best available wholesale exchange rates to individuals, payment companies, banks and other financial institutions,” it explained in the release.
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