TAIPEI, Sept. 28, 2022 /PRNewswire/ -- With the advent of blockchain and cryptocurrencies, many are still wary of using cryptocurrency as a mode of payment.
In a report published 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 the highest amongst the barriers to adoption, followed by concerns regarding the changing regulatory landscape and the instability of the digital currency markets.
These concerns have surfaced repeatedly since XREX started serving cross-border merchants and facilitating remittances in 2018.
Empirically, once these concerns have been addressed and fears have been allayed, users are drawn by the conveniences that crypto payments bring about. The hundred of thousands of transactions over XREX's digital escrow and crypto payment service BitCheck since its launch in 2020 is a testament to that. BitCheck ensures the safety of funds until both parties in a transaction fulfill their end of the deal.
"XREX is a rare example in the crypto industry. It offers a crypto payment and escrow solution that solves pain points in the traditional financial system and helps many businesses and individuals process their cross-border transactions with ease," said Mei-Ling Chen, General Convenor of Taiwan Blockchain Alliance and Honorary Chairman of Taiwan Virtual Asset Anti-money Laundering Association. Chen was the Minister of Taian's National Development Council (NDC) and she is currently active in the fintech industry and crypto community.
Addressing these concerns for users and potential customers is tantamount 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 cryptocurrencies and XREX's BitCheck for payments:
Compliance
The highest international standard of anti-money laundering (AML) is the guidelines listed by the Financial Action Task Force (FATF) in combating money laundering and terrorism financing by modifying the "Travel Rule 16," or "Travel Rule," and including virtual assets under this recommendation. The modified recommendation requires Virtual Asset Service Providers (VASP), financial institutions, and FATF member entities to exchange information about 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 compliant, with BitCheck and the add-on feature BitCheck contract, XREX has gone one step further by providing critical and verified information on a user level 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 uphold their end of the agreement before funds are released. In a buyer-seller scenario, the buyer can ensure that goods have been delivered before releasing the BitCheck, without the worry of paying for undelivered goods.
BitCheck users can also add an extra layer of protection by adding a contract when sending a BitCheck, allowing both parties to include the agreed terms, warranties, representation, and other important information, and sign the document.
With top-tier global partners in Know Your Customer (KYC), AML, wallet, and financial audit operations, XREX ensures that every aspect of our business is compliant with prevailing laws and regulations in various jurisdictions.
To date, XREX has acquired numerous licenses in the US, Canada, Lithuania, Estonia, and Taiwan, with a Major Payment Institution license application to Singapore's Monetary Authority of Singapore underway. Our stringent KYC processes, coupled with a Risk Level Detector that alerts users if they are transacting with an illicit crypto wallet, filter out bad actors from the XREX platform.
Security
It's rare to find crypto exchanges run by cybersecurity experts, and XREX is one of them.
Security is in the DNA of XREX. Co-founded by world-renowned cybersecurity expert Dr. Wayne Huang, whose company Armorize was acquired by leading cybersecurity firm Proofpoint, XREX has placed utmost importance on the security of user funds and data since day one. Recently, XREX acquired ISO/IEC27001 accreditation for meeting the standards required in maintaining its information security management system (ISMS).
Price Stability
With options to use USD and directly connect with users' global bank accounts, XREX also supports USD stablecoins such as USDT and USDC for BitCheck transactions; fluctuations of the crypto markets will be less of a worry when users pay one another with stablecoins via BitCheck.
Speed
Funds transfer and payments using traditional methods cannot match the speed of cryptocurrency transfers. Not only does the speed of transaction increase with crypto payments, XREX's partnership with established banks, such as Customers Bank in the US, means that users will enjoy smooth fiat withdrawals.
Despite the concerns surrounding crypto, one cannot ignore the rising trend of crypto adoption among merchants and retailers.
As with every new technology that appears, there remains unlimited opportunities and first-mover advantages for early adopters. There are multiple ways to get started and adopt this new technology starting with a trusted, safe, and responsible platform to better ease the process of adoption. XREX is committed to supporting individuals and businesses who are keen to leverage blockchain technology and unlock new opportunities.
The XREX platform is a safe and clean environment that bridges economies as well as the crypto and traditional financial markets, integrating the world financially in a better, faster, and safer way.
