Cryptocurrencies are gaining more attention from consumers and businesses today, with businesses analyzing how virtual currencies could address their payments needs. Businesses looking to go global are particularly interested in them as they search for solutions that can help them ease the pain points associated with cross-border B2B payments. Several challenges still must be addressed before cross-border digital currencies can be supported at scale, according to Pavel Matveev, CEO of multicurrency digital wallet and money transfer service Wirex.
Developing regulatory standards and evolving payments infrastructures mean there currently is no production-ready solution on the market that can support cross-border crypto B2B payments at the necessary scale, Matveev added. Cross-border payments still represent a significant opportunity for cryptocurrency players, however, as it is clear that supporting such methods, even at this early stage, could help businesses reduce lengthy settlement times.
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