TAIPEI, September 28, 2022 /PRNewswire/ — With the advent of blockchain and cryptocurrencies, many are still hesitant to use cryptocurrency as a form of payment.
In a report released by Deloitte in July, out of 2,000 US retailers surveyed, nearly 75% of retailers plan to accept crypto or stablecoin payments within the next two years. However, the security of payment platforms ranked first among barriers to adoption, followed by concerns about the changing regulatory landscape and the instability of digital currency markets.
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These concerns have resurfaced several times since XREX started serving cross-border merchants and facilitating remittances in 2018.
Empirically, once these concerns have been addressed and fears assuaged, users are drawn to the conveniences brought by crypto payments. The hundreds of thousands of transactions through XREX’s digital escrow and crypto payment service BitCheck since its launch in 2020 is proof of this. BitCheck guarantees security of funds until both parties to a transaction fulfill their part of the deal.
“XREX is a rare example in the crypto industry. It offers a crypto payment and escrow solution that solves the problems of the traditional financial system and helps many businesses and individuals easily process their cross-border transactions,” said Mei Ling Chen, General Chairman of the Taiwan Blockchain Alliance and Honorary Chairman of the Taiwan Virtual Asset Anti-money Laundering Association. Chen was a minister of the National Development Council (NDC) of Taian and she is currently active in the fintech industry and the crypto community.
Addressing these concerns for users and potential customers comes down to building trust and helping people benefit from blockchain technology. With that in mind, here are four reasons – compliance, security, price stability, and speed – why you should consider using XREX cryptocurrencies and BitCheck for payments:
The highest international standard for anti-money laundering (AML) is the guidelines listed by the Financial Action Task Force (FATF) in the fight against money laundering and the financing of terrorism by modifying “travel rule 16” or “travel rule” and including assets under this recommendation. The amended recommendation requires Virtual Asset Service Providers (VASPs), financial institutions and FATF member entities to exchange information on senders and receivers of transactions above USD/EU 1,000. Required information includes names, account numbers, physical addresses, and DNI or personal identification numbers.
Not only FATF Compliantwith BitCheck and add-on functionality BitCheck contractXREX has gone a 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 fulfill their end of the deal before funds are released. In a buyer-seller scenario, the buyer can ensure that the goods have been delivered before releasing the BitCheck, without worrying about paying for the undelivered goods.
BitCheck users can also add an extra layer of protection by add a contract when sending a BitCheck, allowing both parties to include agreed terms, warranties, representation, and other important information, and to sign the document.
With leading global partners in know-your-customer (KYC), AML, portfolio and financial audit operations, XREX ensures that every aspect of our business complies with applicable laws and regulations in various jurisdictions.
To date, XREX has acquired numerous licenses in the United States, Canada, Lithuania, Estoniaand Taiwanwith an application for a major payment institution license for that of Singapore monetary authority of Singapore In progress. Our rigorous KYC processes, coupled with a risk level detector that alerts users if they are transacting with an illicit crypto wallet, screen out bad actors from the XREX platform.
It is rare to find crypto exchanges run by cybersecurity experts, and XREX is one of them.
Safety is in XREX’s DNA. Co-founded by world-renowned cybersecurity expert Dr. wayne huang, whose company Armorize was acquired by cybersecurity leader Proofpoint, XREX has placed the utmost importance on the security of user funds and data since day one. Recently, XREX acquired ISO/IEC27001 accreditation to meet the required standards in maintaining its Information Security Management System (ISMS).
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 crypto markets will be less of a concern when users pay themselves with stablecoins via BitCheck.
Transferring funds and making payments using traditional methods cannot match the speed of cryptocurrency transfers. Not only is transaction speed increasing with crypto payments, but XREX’s partnership with established banks, such as Customer bank in the United States, means that users will enjoy smooth withdrawals.
Despite concerns surrounding crypto, one cannot ignore the growing trend of crypto adoption by merchants and retailers.
As with every new technology that emerges, there remain unlimited opportunities and first-mover benefits for early adopters. There are several ways to start and adopt this new technology starting with a reliable, safe and responsible platform to facilitate the adoption process. XREX is committed to supporting individuals and businesses who want to take advantage of blockchain technology and unlock new opportunities.
The XREX platform is a safe and clean environment that connects economies as well as traditional crypto and financial markets, financially integrating the world in a better, faster and safer way.
XREX SOURCE Inc.
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Four Reasons Your Business Should Integrate Crypto Payments With XREX
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