Yves La Rose, Founder and CEO of Vaulta Foundation, stated: "In addition to high costs and slow speeds, cross-border payments have always relied on traditional banks or financial institutions, which is often not an option in areas lacking the necessary and widely available infrastructure. Virgo is leveraging the power of stablecoins to directly address this issue, and it is also the first true proof of concept for our new focus on financial development within blockchain. The VirgoPay network is the first proof of our Vaulta Banking OS framework, refined by our team over years of iteration, and is the first step towards realizing our Web3 Banking vision."

The VirgoPay service will allow users to fund their accounts using traditional local payment channels (such as bank transfers, electronic transfers, and credit card processing) or directly from a cryptocurrency wallet, and will allow users to choose from multiple fiat currencies. After initialization, users can track payment status in real-time, and recipients can access funds in their preferred currency after the transaction is completed.

This approach aims to reduce cross-border transaction costs by up to 70%, while allowing transactions to be completed in minutes, whereas traditional remittance services can take days. Additionally, leveraging stablecoins can provide users protection against local currency value fluctuations, while utilizing blockchain technology also offers added security and transparency.

Adam Cai, CEO of Virgo, said, "Vaulta's vision for Web3 banking aligns closely with Virgo's vision of 'making cryptocurrency accessible to everyone.' Utilizing stablecoins for payments will become the first killer application of distributed ledger technology. Virgopay is excited to collaborate with Vaulta to achieve the global mission of 'allowing funds to flow freely and easily.'"

The first phase of the VirgoPay launch will establish connections with several global financial centers, including the United States, Hong Kong, Canada, Argentina, Brazil, and Australia. The second phase will expand the VirgoPay network to other countries in South America, Southeast Asia, and the Middle East, aiming to capitalize on the growing remittance market, which is expected to exceed $1 trillion by 2029.