One of the strongest selling points of cryptocurrencies is the ability to streamline cross-border payments and bypass difficult exchange rates. The B2B supply chain, however, is apprehensive about adopting currencies like bitcoin, in part due to its high volatility and a lack of a cohesive ecosystem to support the payment.
But the bitcoin market has not given up on gaining traction within the B2B community. Since its founding just one year ago, global bitcoin exchange MonetaGo launched on Tuesday (April 28) its closed beta operations that supports trade in more than a dozen currencies across the globe. The exchange, the company said, is particularly applicable to cross-border B2B payments.
What makes the exchange so attractive is its seamlessness, MonetaGo CEO Jesse Chenard said in a statement, describing the service as “the beginning of a future in financial technologies that will enable the rapid and secure transmission of funds anywhere in the world for a fraction of the cost of today’s solutions.”
The exchange will operate across 35 nations this month and hopes to support payments within 50 nations by the end of the year. The network was built on the AlphaPoint trading platform, the company said, allowing quick payment settlement regardless of currency. The tool “makes MonetaGo an ideal partner for a wide range of companies including those focused on B2B global payouts,” the firm said in its announcement.
MonetaGo added that it utilizes strategic partnerships with other digital currency firms across the globe to strengthen a streamlined borderless payments process using bitcoin.
Still, experts say the B2B supply chain has a long way to go before fully adapting and embracing cryptocurrencies. One of the first steps to this migration is for supply-side businesses to view bitcoin as a viable currency.