Ripple rival Roxe launches DeFi liquidity pools for wholesale exchange rates

Roxe has launched a set of DeFi liquidity pools to enable cross-border payments at wholesale exchange rates. The Roxe Payment Protocol (RPP) USD/EUR, USD/GBP and USD/PHP (Philippine Peso) liquidity pools combine real-time Bid and Ask exchange rates from financial institutions. B2B FX rates release any capital held by current nostro partners […]

Roxe has launched a set of DeFi liquidity pools to enable cross-border payments at wholesale exchange rates.

The Roxe Payment Protocol (RPP) USD/EUR, USD/GBP and USD/PHP (Philippine Peso) liquidity pools combine real-time Bid and Ask exchange rates from financial institutions.

B2B FX rates free up any capital held by current partners in nostro vostro accounts, eliminating pain points and reserve requirements currently in place to send cross-border payments to the EU, UK and Philippines.

The blockchain infrastructure company introduced the service to allow its partners to send cross-border payments at wholesale exchange rates, setting a single target exchange rate every minute for its partners to use.

Josh Li, Chief Commercial Officer of Roxe, said: “We are excited to launch the world’s first set of DeFi liquidity pools that provides currencies at a wholesale rate, connecting the world of DeFi and TradFi through remittances. of funds. The Philippines’ remittance market alone is one of the largest in the world. This is therefore a huge step forward for cross-border payments and a key moment in the evolution of Roxe’s platform. Based on our internal benchmarking, RPP’s mid-market exchange rates for these three currency pairs are up to 1% better than other leading commercial exchange services.

Roxe has recently accelerated the expansion of its products and partners, partnering with GME (Global Money Express), which has integrated Roxe’s technology and Roxe Instant Settlement Network (RISN) to generate greater value for their end customers.

Roxe is a finalist in the Bank for International Settlements (BIS) G20 TechSprint Challenge on Central Bank Digital Currencies (CBDCs) and has added over 40 partners to its global payments community, including ECS ​​Fin, Axletree Solutions, N2Xpress, Global Money Express, Fairexpay, Rana Express, iPay and Treviso.

The BIS G20 TechSprint selected three teams to solve different problems. Ripple and Roxe were chosen to “build efficient and robust ways to issue, distribute and transfer CBDCs”.

Ripple’s other rivals in the shortlist include BitMint, Dragonly Fintech, FIS, Mastercard Asia Pacific, R3, and SeA, which is a joint project between eCurrency, ANZ, and Stellar by former Ripple CTO Jed McCaleb.

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