Nexo & Sphere: Revolutionizing Cross-Border Payments with Blockchain
1min read Nexo, a leading digital assets wealth platform, has announced a strategic partnership with sphere, a company specializing in cross-border payments. The collaboration aims to facilitate international business payments with fast, cost-effective, and regulatory-compliant blockchain settlement solutions.
The partnership leverages Sphere's scalable infrastructure and Nexo's digital asset expertise to reduce settlement times from days to mere hours, streamline treasury management, and provide businesses with almost instantaneous currency conversion. By shortening settlement times, Sphere helps businesses reduce foreign exchange (Forex) risk and improve liquidity. The partnership also promises to reduce reliance on intermediaries in regions like Mexico, Brazil, and Argentina, where stablecoin adoption is steadily growing.
Arnold Lee, chief executive officer (CEO) at Sphere, commented on the importance of the partnership in Latin American regions: "With Latin American economies contending with considerable inflation and currency volatility, our alliance with Nexo stands to be a real game-changer. 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."
The collaboration further enhances Nexo's suite of financial services, which now includes personal USD accounts, crypto loans, and interest-earning products. Many businesses face issues when it comes to international transactions, such as the need for third-party intermediaries, high fees, and long settlement times. Stablecoins have emerged as a powerful alternative, accounting for up to 75% of all on-chain transactions. In these market conditions, Nexo and Sphere will work on implementing and gradually expanding blockchain in select markets to eventually benefit businesses of all sizes.
