Axiym Processes $132M on Avalanche Blockchain for Cross-Border Payments

Axiym, a global cross-border payment platform, is targeting the increasing demand from money services businesses (MSBs) for blockchain-based infrastructure and stablecoin solutions for international transactions. The company, headquartered in Dubai, United Arab Emirates, revealed on April 24 that it has processed over $132 million in cumulative volume on the Avalanche blockchain. This platform utilizes Avalanche to provide real-time credit and liquidity infrastructure to MSBs around the world.
MSBs, which include money transmitters, currency exchanges, crypto platforms, fintech firms, and check cashers, are increasingly adopting these innovations. According to Morgan Krupetsky, head of institutions and capital markets at Ava Labs, these businesses are embracing blockchain technology to enhance their operations. Axiym CEO Khibar Russel explained that MSBs themselves do not operate onchain. Instead, Axiym connects their existing payment operations to Avalanche behind the scenes, using blockchain to automate, move, and manage capital more efficiently.
Under the hood, Axiym has developed an application that provides credit to global MSBs using stablecoins to power payments. These transactions occur on the Avalanche C-Chain, enabling real-time cross-border liquidity provisioning that would be difficult or expensive through legacy payment rails or slower blockchains. This approach addresses many of the pain points in traditional cross-border payments, including capital inefficiency, delays, high costs, and fragmented frameworks.
Axiym's clients are primarily licensed payment companies based in major financial centers. However, these companies' users often send funds to major remittance hubs across Asia, Africa, and Latin America. The platform has been designed to overcome the challenges posed by regulatory fragmentation, which has made it harder for blockchain technology to replace legacy payment systems. By embedding blockchain capabilities directly into existing payment operations using Avalanche, Axiym aims to solve this problem.
Blockchain-based stablecoins have become a key tool for enabling low-cost, efficient cross-border payments, which explains why these fiat-pegged assets have gained traction in emerging markets. The case for cross-border payments continues to grow, as blockchain technology offers significant advantages in speed and transparency. Axiym's success in processing over $132 million in payment volumes on the Avalanche blockchain is a testament to the potential of blockchain technology to revolutionize the financial services industry.

Comments
No comments yet