New platform allows traditional payment companies to capitalize on $1tn crypto market
TenureX, an interoperability platform that enables and streamlines correspondent banking relationships, announces the launch of the latest version to its platform – a seamless way for payments companies to deploy a bridge between fiat and crypto while managing compliance requirements. This is an extension to TenureX’s core API named Digital Transaction Certificate (DTC™) which aims to bring a new level of transparency, control, and efficiency to the laborious and risky operations of this industry.
Cryptocurrency is becoming mainstream. Despite current volatility, it’s estimated that the Web 3.0 economy has the potential to become a $1 trillion market opportunity, with investors continuing to pour billions into backing innovative crypto startups.[1] It’s vital, therefore, that traditional payments companies are at the forefront of the trend if they hope to capitalize on it.
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TenureX currently works with five major payment institutions, processing thousands of payments in a pilot of its crypto/fiat solution.
Izhar Arieli, CEO and founder of TenureX comments, “There are over 110,000 payments companies around the world, supporting different geographies and business types. We know that many of them are looking to add support for crypto-to-fiat businesses and expand their offering to their customer-base while creating new possibilities to grow and stay relevant.”
“We at TenureX have built the infrastructure necessary for any payment company to support crypto businesses, in addition to traditional fiat transactions, in a matter of days and without compromising on risk and compliance, while improving – the same level of oversight and control.”
“We’re excited about what this latest development represents and, in particular, the potential for cryptocurrencies to help solve real-world problems, especially outside of major markets,” says Arieli. “By the end of the year, we plan to support crypto payouts in more than 120 countries.”
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John Philpott, General Partner at FINTOP Capital adds, “We’re delighted to support TenureX as it builds its latest platform, and we look forward to working with them as they continue to unleash innovation in the fields of crypto and decentralised finance, or DeFi.”
TenureX was founded in 2020 by four banking experts with a range of industry experience. Its aim is to democratize correspondent banking by moving away from subjective, rigid, bilateral relationship banking. It provides a predictive real-time data-driven solution that reduces operating expenses through automation.
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