Four reasons why your business should include crypto payments with XREX
TAIPEI, 28 September 2022 /PRNewswire/ — With the advent of blockchain and cryptocurrencies, many are still wary of using cryptocurrency as a form of payment.
In a report published by Deloitte in July, of 2,000 US retailers surveyed, nearly 75% of retailers plan to accept crypto or stablecoin payments in the next two years. However, the security of payment platforms ranked highest among the barriers to adoption, followed by concerns about the changing regulatory landscape and the volatility of the digital currency markets.
These concerns have surfaced repeatedly since XREX began serving cross-border merchants and facilitating transfers in 2018.
Empirically, once these concerns have been addressed and fears have been allayed, users are drawn to the conveniences that crypto payments bring. Hundreds of thousands of transactions across XREX’s digital escrow and crypto payment service BitCheck since its launch in 2020 is proof of that. BitCheck ensures the safety of funds until both parties in a transaction fulfill their end of the agreement.
“XREX is a rare example in the crypto industry. It offers a crypto payment and escrow solution that solves pain points in the traditional financial system and helps many businesses and individuals process their cross-border transactions with ease,” said Mei-Ling Chen, General Convenor of Taiwan Blockchain Alliance and Honorary Chairman of Taiwan Virtual Asset Anti-Money Laundering Association. Chen was a minister of Thailand’s National Development Council (NDC) and she is currently active in the fintech industry and crypto community.
Addressing these concerns for users and potential customers is tantamount to building trust and helping people take advantage of blockchain technology. With that in mind, here are four reasons – compliance, security, price stability and speed – why you should consider using cryptocurrencies and XREX’s BitCheck for payments:
Compliance
The highest international anti-money laundering (AML) standard is the guidelines issued by the Financial Action Task Force (FATF) to combat money laundering and terrorist financing by modifying “Travel Rule 16” or “Travel Rule”, and including virtual assets under this the recommendation. The amended recommendation requires Virtual Asset Service Providers (VASP), financial institutions and FATF member entities to exchange information on senders and receivers of transactions above USD/EU 1000. Required information includes names, account numbers, physical addresses and DNI or personal identification numbers.
Not just FATF Compliantwith BitCheck and the additional function BitCheck contractXREX has gone one step further by providing critical and verified user-level information to provide peace of mind to our users, knowing that they will not be able to interact with suspicious users on XREX.
With BitCheck, both parties must uphold their end of the agreement before funds are released. In a buyer-seller scenario, the buyer can ensure that the goods are delivered before BitCheck is released, without worrying about paying for undelivered goods.
BitCheck users can also add an extra layer of protection by add a contract when sending a BitCheck, so that both parties can include agreed terms, warranties, representations and other important information, and sign the document.
With top-level global partners in Know Your Customer (KYC), AML, wallet and financial audit, XREX ensures that all aspects of our business comply with applicable laws and regulations in various jurisdictions.
To date, XREX has acquired a number of licenses in the US, Canada, Lithuania, Estoniaand Taiwanwith a license application for the main payment institution to Singapore’s Monetary authority of Singapore Started. Our strict KYC processes, combined with a risk level detector that alerts users if they are trading with an illegal crypto wallet, filters out bad actors from the XREX platform.
Safety
It is rare to find crypto exchanges run by cyber security experts and XREX is one of them.
Safety is in the DNA of XREX. Co-founded by world-renowned cyber security expert Dr. Wayne Huang, whose company Armorize was acquired by leading cyber security firm Proofpoint, XREX has placed a strong emphasis on the security of user assets and data since day one. Recently, XREX acquired ISO/IEC27001 accreditation to meet the standards required to maintain its Information Security Management System (ISMS).
Price stability
With options to use USD and connect directly to users’ global bank accounts, XREX also supports USD stablecoins such as USDT and USDC for BitCheck transactions; fluctuations in the crypto markets will be less of a concern when users pay each other with stablecoins via BitCheck.
Speed
Money transfers and payments using traditional methods cannot match the speed of cryptocurrency transfers. Not only does the transaction speed increase with crypto payments, XREX’s collaboration with established banks, such as Customer bank in the US, that means users will enjoy steady fiat withdrawals.
Despite the concerns surrounding crypto, one cannot ignore the growing trend of crypto adoption among merchants and retailers.
As with every new technology that emerges, there are still limitless possibilities and first-mover advantages for early adopters. There are several ways to get started and adopt this new technology, starting with a reliable, secure and accountable platform to better facilitate the adoption process. XREX is committed to supporting individuals and businesses that are committed to leveraging blockchain technology and unlocking new opportunities.
The XREX platform is a safe and clean environment that bridges economies as well as crypto and traditional financial markets, integrating the world financially in a better, faster and safer way.
SOURCE XREX Inc.
