Source: Cointelegraph
Original: “Axiym Company, Supported by Avalanche Blockchain, Bets on Money Services Business”
Global cross-border payment platform Axiym has stated that it is working to meet the growing demand from money services businesses (MSBs) for blockchain-based infrastructure and stablecoin solutions in international transactions, the company revealed in an interview with Cointelegraph.
Axiym is headquartered in Dubai, United Arab Emirates, and disclosed on April 24 that its cumulative transaction volume on the Avalanche blockchain has exceeded $132 million.
The platform utilizes the Avalanche blockchain to provide real-time credit and liquidity infrastructure for MSBs worldwide.
Morgan Krupetsky, Head of Institutional and Capital Markets at Ava Labs, stated in an interview with Cointelegraph that MSBs are a broad category that includes money transfer companies like Western Union, currency exchange providers, crypto platforms, fintech companies, and check cashing services, all of which are actively embracing related innovations.
Axiym CEO Khibar Rassul told Cointelegraph, “For Axiym, MSBs themselves do not operate directly on-chain.” He explained, “Axiym connects their existing payment operations to Avalanche in the background, achieving more efficient capital automation flow and management through the blockchain.”
Krupetsky added, “At the core, Axiym has developed a suite of applications that leverage stablecoins to provide credit support for global MSBs, driving payment transactions—these transactions occur on Avalanche's C-Chain.”
“This enables real-time cross-border liquidity supply, which is either difficult to achieve or costly on traditional payment channels or slower blockchains.”
Growing Demand in the Cross-Border Payment Market
Rassul told Cointelegraph that Axiym's clients are primarily licensed payment companies based in major financial centers such as the UAE, the UK, and Singapore, but the end users of these companies typically remit funds to major remittance markets in Asia, Africa, and Latin America.
He pointed out that the Axiym platform aims to address many pain points in traditional cross-border payments, including “low capital efficiency, delays based on the SWIFT system, high costs, and institutional fragmentation.”
Despite the significant advantages of blockchain in terms of speed and transparency, regulatory fragmentation makes it difficult for the technology to fully replace traditional payment systems.
Rassul stated that Axiym is trying to solve this issue by embedding blockchain capabilities “directly into existing payment operations” using Avalanche.
Blockchain-based stablecoins have become key tools for achieving low-cost, high-efficiency cross-border payments, which explains why these fiat-pegged assets are increasingly popular in emerging markets.
A report from Chainalysis in 2024 indicated that stablecoin remittances from sub-Saharan Africa are 60% cheaper than traditional fiat channels.
As Cointelegraph recently reported, blockchain company Ripple has partnered with African payment infrastructure provider Chipper Cash to support cross-border cryptocurrency transactions.
Meanwhile, startups focused on crypto payments are also gaining attention in the venture capital space. Recently, Tether-backed Mansa completed a $10 million funding round, planning to expand its stablecoin cross-border payment services.
Related: The White House Receives Over 10,000 Public Comments on AI Development Plans
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