The blockchain technology has introduced a lot of new cryptocurrencies that have revolutionized the traditional global payment networks. Moving money in the same currency from point A to B isn’t much of a hassle, be it inter-boundary or intra-boundary. But things get stressful because of so many obvious reasons such as incompatible operational structures of banks operating in two different countries, middleman fees etc. Modern fintech firm, Traxalt honours this problem with blockchain-based payments network.
What is Traxalt’s blockchain-based Global Payments Network?
Traxalt’s global payments network, based on the Stellar blockchain protocol, is a decentralized payment system that is built for global organizations, committed to the transparency of transactions on a stable, predictable public ledger infrastructure. The system facilitates settlement and clearing of cross border transactions in a single network. Traxalt also facilitates payment messaging to bring mutual harmony between two transactors. This blockchain-based network ensures security while promoting low fees and faster transactions, without any boundaries.
Benefits of Traxalt’s Solution
If you understand the basic structure of a blockchain, you would probably see how a blockchain-based global payments network is useful. Below are the key elements that portray why Traxalt’s solution is what the monetary system needs and how it will collectively benefit the whole industry:
· One of the significant values Traxalt brings on the table is its ability to settle and clear transactions all in one network using the Stellar blockchain protocol. Once we know that all these transactions are accounted appropriately on the blockchain, we will have to care less if the owed money is paid – allowing us to focus on more critical tasks.
· TXT token is the only digital currency that runs on the platform, but it is being discussed to integrate different currencies. This will enable the protocol to facilitate transactions across multiple currencies of various types. This means that different parties with different currencies from different regions will go through a seamless experience. Traxalt proposes a global payments network that handles all essential currencies.
· It takes days for international payments to settle and there are fluctuating exchange rates that change daily. With the Traxalt network, it will take only minutes if not seconds for a transaction to get processed successfully. And when time is saved, money is saved – because time is money!
· We are currently living in an emergency where there is a severe need for more inclusive payment processing methods. With Traxalt, there will be a more open financial infrastructure that will allow all the underserved people all over the world to get involved in the global economy. Traxalt is literally unlocking millions of people’s ability to transfer value without caring about the borders.
With the emergence of the blockchain platforms, there has been a significant need to build an ecosystem around scalable solutions for enterprise-grade transactions. Traxalt’s protocol will allow high throughput transactions to be hashed and anchored to the blockchain, and then reported and analyzed for business and commercial use.