Blockchain Payments Can't Be Ignored Anymore
Hi there! Several significant announcements have been made in the media this week, continuing the blockchain and cryptocurrency trends that’ve been evident throughout the year.
Stripe is partnering with Paradigm for a new payment blockchain, and SoFi is relaunching its crypto remittance services in Mexico!
If you haven’t noticed already, payment technology is changing quickly! Anyone dealing with transactions needs to be ready to adopt these advances as users start to expect the added security and convenience they provide.
If you want to know more about cryptocurrency and fintech, and how banking has been transformed, we’ve written an article you can check out here!
Stripe, one of the most prominent names in fintech, has partnered with the crypto firm Paradigm to create a new blockchain, which they’ve dubbed Tempo.
Not much more has been said yet, but they’ve got us sitting on the edge of our seats.
If Stripe has deemed it worthwhile to jump into blockchain headfirst, we expect a variety of other fintech giants to follow suit, if they haven’t started already.
Blockchain has gained popularity in recent years due to the increased convenience and security it offers users. Even getting on board. Are you ready for the changes to come?
Building and integrating new infrastructure requires developers who understand the stringent regulations of the financial services sector and can construct secure APIs.
Mistakes can be costly, so don’t take hiring risks. We’ve got a variety of fintech-savvy developers with proven experience who can assist.
SoFi is using the Bitcoin Lightning Network to launch bitcoin remittance services later this year. If everything goes to plan, this means the U.S.-based company will be one of the first banks to integrate blockchain payments for its cross-border transactions.
The lower costs, increased speed, and improved transparency are likely to revolutionize international payments.
With its initial focus on Mexico, SoFi is setting itself up for long-term success in the region. The company already has an excellent reputation, so the additional services make it a no-brainer for customers.
Brand loyalty is incredibly effective. But you need an initial set of customers. There is a market gap for low-cost international payments. Can you take advantage of this gap?
Our developers can help you determine that.
Other Stories Worth Noting
Some other noteworthy things are happening in the industry lately:
Wyoming has announced a government-backed stablecoin! The Frontier Stable Coin (FRNT) is the first of its kind. Even governments are beginning to leverage the value provided by blockchain technologies.
Monzo is following in the footsteps of other fintechs, expanding into mobile services. Is this part of a move towards comprehensive customer experience? They are listening to what users want, and so far, that approach has worked out well for them.
Final Thoughts
Blockchain was revolutionary when it first appeared. Although it has taken some time for the technology to become normalized, it’s safe to say that it will become an integral part of everyday life for many. If you are in the banking or payments sector, it may be worthwhile to evaluate your readiness to use this technology.
At Trio, we have all the skilled talent you need to ensure this is a relatively pain-free process, with no hiring mistakes or onboarding delays.
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Until next time - keep building scalable infrastructure!
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